By Lisa Kerner
Charlotte, N.C., May 6 - Maxim Crane Works Holding, Inc. agreed to be acquired by affiliates of Platinum Equity Capital Partners II, LP 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 Maxim Crane news release said.
Platinum and Maxim Crane said they expect the transaction to close by June 30 and no later than Aug. 20.
Maxim Crane's board of directors is recommending that its stockholders approve the deal. The company was advised by Goldman, Sachs and Co. and Latham & Watkins LLP.
Platinum Equity was advised by Wachovia Securities and Bingham McCutchen LLP.
Maxim Crane Works is a full-service crane rental company based in Pittsburgh. The company operates more than 35 branch offices.
| Acquirer: | Platinum Equity Capital Partners II, LP
|
| Target: | Maxim Crane Works Holding, Inc.
|
| Announcement date: | May 5
|
| Price per share: | $42.50
|
| Expected closing: | By June 30
|
| Stock price of target: | Pink Sheets: MXMC.PK: $35.75 on May 5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
