Mestek, Inc. Announces Final Results of Tender Offer
WESTFIELD, Mass., Dec. 3 /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 Monday, November 26, 2007. The Company accepted for purchase 169,496 shares of its common stock at a price of $14.75 per share, for a total cost of $2.5 million, excluding fees and expenses related to the offer. These shares represent approximately 2.1% of the shares outstanding on September 30, 2007. Based on the final count by the depositary, Computershare, Inc., a total of 211,862 shares were validly tendered at a price of $14.75 per share or less. Accordingly, the proration factor for the offer will be 80.002%. Pursuant to the terms of the offer, no shares tendered at prices above $14.75 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 completion of the tender offer, the Company now has approximately 8,067,597 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. 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. 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. Corporate, Cindy Lacoste of Mestek, Inc., +1-413-568-9571; or Jeanne Carr of MacKenzie Partners, Inc., +1-212-929-5500, for Mestek, Inc.