Gardner Denver's Proposed Acquisition of Thomas Industries Receives Regulatory Approval: Transaction Expected to Close on July 1
23 Maggio 2005 - 7:18PM
PR Newswire (US)
Gardner Denver's Proposed Acquisition of Thomas Industries Receives
Regulatory Approval: Transaction Expected to Close on July 1, 2005
LOUISVILLE, Ky., May 23 /PRNewswire-FirstCall/ -- Thomas Industries
Inc. (NYSE:TII) today reported that its previously announced
agreement to be acquired by Gardner Denver, Inc. (NYSE:GDI) has
received all required regulatory approvals. The transaction is
scheduled to close on July 1, 2005, subject to approval of Thomas
Industries' shareholders and the satisfaction of other customary
closing conditions. Upon closing, Thomas will become a subsidiary
of Gardner Denver and will no longer be a publicly traded company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/TIILOGO ) As of
March 31, 2005, Thomas had $262.8 million in cash, cash equivalents
and short-term investments. The net transaction value, including
the purchase price of $40.00 per share for all outstanding shares
and share equivalents (approximately $734.2 million), the
assumption of $8.6 million of current and long-term capitalized
lease obligations and net of cash, is approximately $480 million.
Thomas Industries' shareholders will be asked to vote upon the
proposed transaction at a Special Meeting of Shareholders, which
will be held on July 1, 2005. A proxy statement will be mailed to
shareholders of record as of May 27, 2005. Thomas Industries Inc.,
headquartered in Louisville, Kentucky, designs, manufactures and
markets Rietschle Thomas brand pumps and compressors for use in
global OEM applications, supported by world-wide sales and service
for key customer applications and end-user markets. High quality
automotive component castings are also a key offering. Other
products include Welch laboratory equipment and Oberdorfer bronze
and high alloy liquid pumps. Thomas has wholly-owned operations in
21 countries, spanning five continents. Cautionary Statement
Regarding Forward-Looking Statements All of the statements in this
release, other than historical facts, are forward-looking
statements made in reliance upon the safe harbor of the Private
Securities Litigation Reform Act of 1995, including, without
limitations, the expected timing and completion of the acquisition
of Thomas Industries by Gardner Denver Inc. Actual results
regarding the timing and completion of such acquisition could
differ materially from the above statement due to various
uncertainties and factors, including, without limitation, the risk
that conditions to completion of the acquisition are not satisfied,
including the receipt of the approval of the Thomas Industries'
stockholders and other customary closing conditions set forth in
the merger agreement. As a general matter, forward-looking
statements are those focused upon anticipated events or trends and
expectations and beliefs relating to matters that are not
historical in nature. Such forward-looking statements are subject
to uncertainties and factors relating to the Company's operations
and business environment, all of which are difficult to predict and
many of which are beyond the control of the Company. These
uncertainties and factors could cause actual results to differ
materially from those matters expressed in or implied by such
forward-looking statements.
http://www.newscom.com/cgi-bin/prnh/20030428/TIILOGO
http://photoarchive.ap.org/ DATASOURCE: Thomas Industries, Inc.
CONTACT: Phillip Stuecker of Thomas Industries, Inc.,
+1-502-893-4652 Web site: http://www.thomasind.com/
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