Mestek tender offer oversubscribed; proration factor is 84.1972%

By Lisa Kerner

Charlotte, N.C., Dec. 8 - Mestek, Inc. said it accepted 187,500, or 2.3%, of its outstanding shares for purchase in its modified Dutch auction tender offer, which ended Thursday.

The shares were priced at $8 each for a total cost of $1.5 million.

Computershare, Inc., the depositary for the offer, said a total of 222,445 shares were validly tendered, including 1,300 odd-lot shares.

The proration factor will be 84.1972% with all of the 1,300 odd-lot shares being purchased, a Mestek news release said.

Mestek now has approximately 7,880,097 shares outstanding.

In November, Mestek announced it would acquire up to 187,500 shares priced at not less than $8 and not more than $10 each.

Based in Westfield, Mass., Mestek manufactures and sells heating, ventilating and air conditioning equipment and metal-forming equipment in the United States and Canada.

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