Merger of Maxim Crane Works, Platinum Equity set to close June 30

By Lisa Kerner

Charlotte, N.C., June 16 - Maxim Crane Works Holdings, Inc. said its stockholders approved the company's merger with affiliates of Platinum Equity Partners II, LP at a special meeting held June 11.

Approximately 79.4% of the outstanding shares were represented either in person or by proxy at the special meeting, and over 75% of the outstanding shares were voted in favor of the merger agreement, a Maxim Crane news release said.

The transaction is expected to close on or before June 30.

It was previously reported that Maxim Crane agreed to be acquired by affiliates of Platinum Equity for $42.50 per share of common stock.

Holders of series A and series B warrants to acquire Maxim Crane common stock will receive the difference between the exercise price of their warrants and $42.50 per share, a prior Maxim Crane news release said.

Maxim Crane is a full-service crane rental company based in Pittsburgh.

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