Watsco: 91.9% of ACR stock tendered in offer

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Watsco, Inc. said 7,872,127 shares were validly tendered and not withdrawn in the tender offer for ACR Group, Inc. ended Aug. 3.

The tendered shares plus the 3,122,819 shares committed by executive officers and affiliates represent some 91.1% of ACR's common stock.

"ACR will operate as a subsidiary of Watsco under its present name and superb organization and Watsco will provide resources where needed to assist with ACR's growth plans," Watsco president and chief executive officer Albert Nahmad stated in a company news release.

On July 5, Watsco announced that it will acquire ACR in a $6.75-per-share cash tender offer.

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.

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