Construction M&A » By The Online Investor Staff, updated Thu., Mar. 28, 5:35 PM Recent mergers and acquisitions in the Construction M&A category.
This Slide: #77 of 100 |
Slide #77. Integrated Electrical Services, Inc. — MISCOR Group, Ltd.
Acquirer:
Integrated Electrical Services, Inc. (NASDAQ:IESC)
Acquiree:
MISCOR Group, Ltd. (MIGL)
Details:
Integrated Electrical Services, Inc. (NASDAQ:IESC) ("IES") and MISCOR Group, Ltd. (OTCQB:MIGL) ("MISCOR"), today announced that IES Subsidiary Holdings, Inc., a wholly owned subsidiary of IES, has entered into a definitive merger agreement to acquire all of the outstanding common stock of MISCOR for an aggregate transaction value of approximately $24 million. For MISCOR shareholders, the per share consideration will be based upon MISCOR's average daily debt balance over the 30-day period ending fifteen business days prior to the closing of the transaction. As of March 11, 2013, MISCOR's unaudited average daily debt balance over the prior 30-day period was approximately $7.2 million. MISCOR anticipates that its debt balance at closing of the transaction will be between $6.5 and $5.5 million, which would yield consideration of between $1.48 and $1.57 per share, a 26 to 34 percent premium to MISCOR's 60-day trading average. The price-per-share adjustment will be communicated to shareholders prior to the closing of the election period and is more fully described in the definitive merger agreement.
IES Holdings designs and installs integrated electrical and technology systems. Co.'s segments are: Communications, which is a provider of network infrastructure solutions for data centers and other environments; Residential, which is a provider of electrical installation services, as well as heating, ventilation and air conditioning and plumbing installation services, and cable television installations; Infrastructure Solutions, which provides electro-mechanical solutions for industrial operations to domestic and international customers; and Commercial and Industrial, which provides electrical and mechanical design, service, and construction services to commercial and industrial markets.
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