WESTFIELD, Mass., Nov. 30, 2010 /PRNewswire-FirstCall/ -- Mestek,
Inc. (Pink Sheets: MCCK) (the "Company") today announced the final
results of its modified "Dutch Auction" tender offer, which expired
at 5 p.m. on Tuesday, November 23, 2010.
The Company accepted for purchase 285,714 shares of its common
stock at a price of $8.75 per share,
for a total cost of $2.5 million,
excluding fees and expenses related to the offer. These shares
represent approximately 3.6% of the shares outstanding on
September 30, 2010.
Based on the final count by the depositary, Computershare, Inc.,
a total of 405,738 shares were validly tendered at a price of
$8.75 per share or less. Accordingly,
the proration factor for the offer will be 70.3%, other than odd
lots, which will not be prorated. Pursuant to the terms of the
offer, no shares tendered at prices above $8.75 will be accepted for purchase.
Computershare, Inc. will promptly pay for the shares accepted
for purchase and will promptly return all shares tendered and not
accepted for purchase. With the completion of the tender offer, the
Company now has approximately 7,675,204 shares outstanding.
Shareholders and investors who have questions or need
information about the offer may contact the information agent,
MacKenzie Partners, Inc., toll free at (800) 322-2885 or collect at
(212) 929-5500.
Mestek, Inc. engages in the manufacture and sale of heating,
ventilating and air conditioning (HVAC) equipment, and
metal-forming equipment in the United
States and Canada, and the
provision of healthcare information technology systems and related
software, billing and consulting services. The Company was
incorporated in 1898 as Mesta Machine Company and changed its name
to Mestek, Inc. in 1984. Mestek is headquartered in Westfield, Massachusetts. For more
information, visit www.mestek.com.
This news release discusses certain matters that may be
considered "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the intent, belief or current expectations of
the Company and its management. Such forward-looking statements are
not guarantees of future performance and involve a number of risks
and uncertainties that could materially affect actual results. All
information set forth in this news release is as of today's date,
and the Company undertakes no duty to update this
information.
SOURCE Mestek, Inc.