MITY Enterprises shareholders to vote June 26 on deal to take company private

By Lisa Kerner

Charlotte, N.C., June 1 – MITY Enterprises, Inc. shareholders will vote on the proposed merger of the company with MLE Holdings, Inc. at a special meeting to be held on June 26.

Only shareholders of record at the close of business on May 29 are entitled to vote at the special meeting and at any adjournment or postponement of the special meeting, a company news release stated.

MLE Holdings, an affiliate of Salt Lake City private equity firms Sorenson Capital Partners, LP and Peterson Partners LP, announced on May 3 it would acquire MITY for $21.50 per share in cash, higher than MITY’s shares have ever traded.

The merger agreement includes a termination fee of $1.45 million, or expenses up to $700,000, payable by MITY to MLE, as well as a termination fee of $815,000 payable by MLE to MITY, according to an 8-K filing with the Securities and Exchange Commission.

The transaction is expected to close in the second or third quarter of 2007. Following the completed transaction, MITY’s common stock will be delisted and will no longer trade publicly.

MITY’s board of directors unanimously approved the merger agreement, the merger and related transactions.

Orem, Utah-based MITY designs and manufactures institutional furniture.

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