Hoshizaki America, Inc. Completes Acquisition of Lancer Corporation
02 Febbraio 2006 - 4:34PM
PR Newswire (US)
SAN ANTONIO, Feb. 2 /PRNewswire-FirstCall/ -- Lancer Corporation
(AMEX:LAN) announced today the completion of the acquisition of
Lancer Corporation by Hoshizaki America, Inc. On October 18, 2005,
Hoshizaki America, Inc. entered into a merger agreement with Lancer
Corporation to acquire Lancer Corporation for a purchase price of
approximately $215.0 million in cash to stockholders. Under the
terms of the merger agreement, Lancer Corporation stockholders are
entitled to receive $22.00 per share in cash, without interest.
Lancer Corporation stock ceased trading on the American Stock
Exchange at market close yesterday and will be delisted. As soon as
practicable, a paying agent appointed by Lancer Corporation will
send information to all Lancer Corporation stockholders of record,
explaining how they can surrender Lancer Corporation stock in
exchange for $22.00 per share in cash, without interest.
Stockholders of record should await this information before
surrendering their shares. Stockholders who hold shares through a
bank or broker will not have to take any action to have their
shares converted to cash, since these conversions will be handled
by the bank or broker. About Hoshizaki America, Inc. Hoshizaki
America, Inc. is a subsidiary of Hoshizaki Electric Co. Ltd.
Hoshizaki Group is one of the world's largest manufacturers of
commercial kitchen equipment, employing approximately 8,000 people
with sales of $1.4 billion. Hoshizaki operates six plants in Japan,
two in the United States, and one in England. Also, Hoshizaki owns
sales subsidiaries in the Netherlands, Singapore, and China. From
these locations, Hoshizaki distributes commercial kitchen equipment
worldwide. Hoshizaki Electric was founded in 1947 and is based in
the suburbs of Nagoya, Japan. Hoshizaki Electric develops and
produces a complete line of commercial kitchen equipment including
ice machines, refrigerators, dishwashers, and beer servers. Since
1947, Hoshizaki has consistently pioneered innovative products,
backed them with a solid service network, enlarged its marketing
reach, and moved into the international arena. Hoshizaki America
Inc. was established in 1981 and is headquartered in Peachtree
City, Georgia. Hoshizaki America began manufacturing commercial ice
machines in Peachtree City in 1986 and then began a second
manufacturing plant in Griffin, Georgia, in 2001. Currently,
Hoshizaki America is one of the leading ice machine companies in
the USA with approximately 500 employees and a family of over 30
independent distributors. About Lancer Corporation Lancer
Corporation is a leading innovator, manufacturer and marketer of
beverage dispensing systems serving customers worldwide.
Headquartered in San Antonio, Texas, Lancer also maintains
facilities in Mexico, Australia, Belgium, New Zealand and the
United Kingdom. Lancer is a vertically integrated manufacturer that
employs approximately 1,200 people. Lancer designs and manufactures
a complete range of fountain soft drink dispensers, dispensing
valves, beer dispensing equipment, and an extensive line of
beverage dispensing parts and accessories, which are marketed
through a network of Company sales representatives and authorized
distributors. Certain matters discussed in this press release may
constitute "forward- looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Words such as "believes,"
"anticipates," "expects," "intends," "estimates," "projects" and
other similar expressions, which are predictions of or indicate
future events and trends, typically identify forward-looking
statements. Our forward-looking statements are subject to a number
of risks and uncertainties, which could cause actual results or the
timing of events to differ materially from those described in the
forward-looking statements. Accordingly, we cannot assure you that
the expectations set forth in these forward-looking statements will
be attained. The Company's SEC filings contain additional
information concerning factors that could cause actual results to
differ materially from those forward- looking statements. Contacts
For Lancer Corporation: Hoshizaki America, Inc.: Scott Adams Mark
McClanahan Treasurer Sr. Vice President 210.310.7000 770.487.2331,
Ext. 1496 DATASOURCE: Lancer Corporation CONTACT: Scott Adams,
Treasurer of Lancer Corporation, +1-210-310-7000; or Mark
McClanahan, Sr. Vice President of Hoshizaki America, Inc.,
+1-770-487-2331, Ext. 1496 Web site: http://www.lancercorp.com/
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