Meadow Valley taken private in transaction valued at $61.3 million

By Lisa Kerner

Charlotte, N.C., Feb. 2 - Meadow Valley Corp. stock ceased trading on the Nasdaq Stock Market after Insight Equity Holdings LLC affiliate Phoenix Merger Sub, Inc. completed its going-private merger transaction, the company announced on Monday.

According to Meadow Valley, it remains the surviving corporation after the merger of Phoenix with and into Meadow Valley.

In July 2008, Meadow Valley, a Phoenix construction materials company, agreed to be taken private for $11.25 per share in cash, or a total of $61.3 million. Meadow Valley shareholders approved the transaction in December.

As previously reported, the merger failed to close by the outside closing date of Jan. 7 as required under the merger agreement.

Phoenix questioned whether a material adverse effect may have occurred due to a decrease in the fair market value of Meadow Valley in excess of $6.0 million since the date of the merger agreement.

Meadow Valley's special committee of the board of directors was advised by Alvarez & Marsal Securities, LLC.

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