|This Slide: #77 of 100|
Slide #77. Integrated Electrical Services, Inc. — MISCOR Group, Ltd.
Integrated Electrical Services, Inc. (NASDAQ:IESC)
MISCOR Group, Ltd. (MIGL)
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 is a holding company. Co.'s business segments are: Communications, which provides technology infrastructure services, including the design, build, and maintenance of the communications infrastructure within data centers for co-location and managed hosting customers for corporations and independent businesses; Residential, which provides electrical installation services for single-family housing and multi-family apartment complexes; Infrastructure Solutions, which provides electro-mechanical solutions for industrial operations; and Commercial and Industrial, which provides electrical and mechanical design, service, and construction services.
IESC SEC Filing Email Alerts Service
Open the IESC Page at The Online Investor »