WESTFIELD, Mass., Dec. 6, 2010 /PRNewswire-FirstCall/ -- Mestek, Inc. (Pink Sheets: MCCK) (the "Company"), today announced that, upon the approval of the Executive Committee of the Board of Directors of the Company and the lenders under the Company's outstanding credit facility, and in accordance with applicable covenants and financial ratios under the credit facility, the Company accepted for purchase an additional 120,024 shares of its common stock at a price of $8.75 per share in its modified "Dutch Auction" tender offer, which expired at 5 p.m. on Tuesday, November 23, 2010. The additional shares accepted for payment represent approximately 1.5% of the shares of common stock currently outstanding. The additional shares, together with the 285,714 shares accepted for purchase as announced on November 30, 2010, represent all of the shares tendered at a price of $8.75 per share or less. The total cost of purchasing all 405,738 shares is approximately $3.6 million, excluding fees and expenses related to the offer. These shares represent approximately 5.1% of the shares outstanding.
Because all 405,738 shares validly tendered at a price of $8.75 per share or less are accepted for purchase, there will be no proration with respect to the offer. Pursuant to the terms of the offer, no shares tendered at prices above $8.75 will be accepted for purchase.
Computershare, Inc., the depositary for the offer, will promptly pay for the shares accepted for purchase and will promptly return all shares tendered and not accepted for purchase. With the completion of the tender offer, the Company now has approximately 7,555,180 shares outstanding.
Shareholders and investors who have questions or need information about the offer may contact the information agent, MacKenzie Partners, Inc., toll free at (800) 322-2885 or collect at (212) 929-5500.
Mestek, Inc. engages in the manufacture and sale of heating, ventilating and air conditioning (HVAC) equipment, and metal-forming equipment in the United States and Canada, and the provision of healthcare information technology systems and related software, billing and consulting services. The Company was incorporated in 1898 as Mesta Machine Company and changed its name to Mestek, Inc. in 1984. Mestek is headquartered in Westfield, Massachusetts. For more information, visit www.mestek.com.
This news release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of the Company and its management. Such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.
Web site: http://www.mestek.com
SOURCE Mestek, Inc.