US rental giant Maxim Crane Works is to enter into a merger agreement with affiliates of private equity firm Platinum Equity.
In the cash deal, Platinum Equity will buy all Maxim Crane’s outstanding common stock for US$42.50 per share. Holders of Series A and B warrants who acquire common stock from the rental company will receive the difference between the exercise price of their warrants and the share sale price.These transactions require the approval of a majority of the outstanding shares of the common stock, therefore, Maxim Crane will announce a stockholders meeting to “approve” the merger agreement. A date for the meeting will be announced shortly, but will be no later than 30 June, said the company.
Maxim Crane’s board of directors has recommended that its stockholders approve the transaction.