Rock of Ages to Consider Strategic Alternatives
21 Maggio 2010 - 2:00PM
Business Wire
Rock of Ages Corporation (NASDAQ:ROAC) today announced
that the Special Committee of its Board of Directors has determined
to commence a process to explore and consider possible strategic
alternatives for Rock of Ages while it continues to consider the
previously disclosed acquisition proposal submitted to Rock of
Ages' Board of Directors on May 6, 2010 by Swenson Granite Company,
LLC (“Swenson”). The Special Committee has retained legal counsel
and Covington Associates LLC as its financial advisor to assist and
advise the Special Committee in connection with these matters. As
previously disclosed, Rock of Ages' Board of Directors established
the Special Committee in response to its receipt of the Swenson
proposal. Additional information regarding the Swenson proposal was
provided in the press release issued by Rock of Ages on May 7,
2010. There can be no assurance that the Swenson proposal will lead
to a definitive acquisition agreement, or that a transaction
contemplated by the Swenson proposal or any other transaction will
be approved or completed.
About Rock of Ages
Rock of Ages (www.RockofAges.com) is the largest integrated
granite quarrier and manufacturer of finished granite memorials and
granite blocks for memorial use in North America.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current
expectations about future events. These statements are not
guarantees of future events and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual events
may differ materially from what is expressed in such
forward-looking statements due to numerous factors. These include
the uncertainties regarding whether the acquisition price proposed
by Swenson Granite Company, LLC ("Swenson") will be reduced,
whether financing for the acquisition can be obtained and whether
an acquisition of the Company will be consummated upon the terms
proposed by Swenson, or at all. In addition, the Special
Committee’s determination to commence a process to explore and
consider possible strategic alternatives may not lead to any other
proposals being pursued, agreed to or consummated, and the Special
Committee may opt to cease that process at any time. Rock of Ages
will be responsible for payment of the fees and expenses of the
Special Committee’s financial advisor and counsel, as well as of
its own counsel; such fees and expenses could be significant and
adversely impact Rock of Ages’ results of operations. Further
information and risks regarding factors that could affect our
business, operations, financial results or financial positions are
discussed from time to time in Rock of Ages’ Securities and
Exchange Commission filings and reports. Such forward-looking
statements speak only as of the date on which they are made, and
the Company does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this release, except as may be required under the
federal securities laws.
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