By Laura Lutz
Des Moines, July 5 - Watsco, Inc. announced that it will acquire ACR Group, Inc. through a cash tender offer for ACR's common stock.
Watsco is offering to pay $6.75 for each share of ACR. That price is a 42% discount to the 90-day average closing price of the stock.
ACR's board has unanimously recommended that ACR holders tender their shares in the offer, according to the Watsco release.
Executive officers of ACR and their affiliates have agreed to tender their shares, which are about 26% of the company's outstanding stock.
Completion of the offer depends on Watsco's receipt of at least 66 2/3% of the outstanding shares of ACR.
The merger is expected to close in August.
Coconut Grove, Fla.-based Watsco distributes equipment and supplies for air conditioning, heating and refrigeration.
ACR is a Houston-based distributor of air conditioning and heating products.
| Target: | ACR Group, Inc.
|
| Acquirer: | Watsco, Inc.
|
| Price per share: | $6.75
|
| Announcement date: | July 5
|
| Expected closing: | August
|
| Stock price for target: | Amex: BRR; $6.61 at close July 5
|
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