Mod-Pac Stockholders Approve Going Private Transaction
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Folding carton producer Mod-Pac Corp., Buffalo, N.Y., USA, reports that its shareholders approved, at a special shareholder meeting this past week, the going-private merger agreement under which Kevin T. Keane, chairman, and Daniel G. Keane, president and CEO, and their associates and affiliates will acquire approximately 81.3% of the company's outstanding capital stock that they do not already own for $9.25 per share in cash. The merger was approved by more than 66 2/3% of the company's shareholders voting as a single class and by a majority of the issued and outstanding shares of the company's stock, when excluding the shares beneficially owned by the Keanes and any other related shares. The total transaction is valued at some $24.6 million.
Daniel Keane said that "the transition to a private company will be seamless for our customers and employees. We will continue to deliver high quality product on time, on demand." The company's operations and headquarters will remain in Buffalo.
Mod-Pac provides custom folding cartons for branded and private label consumer products in the food and food service, healthcare, medical, and automotive industries. The company also offers a line of stock packaging primarily to the retail confectionary industry. The company also has a personalized print product line.
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