QualityStocks would like to highlight KSW, Inc. (NASDAQ: KSW). Through its subsidiary KSW Mechanical Services, Inc., the company furnishes and installs heating, ventilating, and air conditioning (HVAC) systems, and process piping systems for institutional, industrial, commercial, high-rise residential, and public works projects, primarily in the New York City metropolitan area. It also serves as a mechanical trade manager, performing project management services relating to the mechanical trades.
In the company’s news yesterday,
KSW announced that they have entered into a definitive merger agreement.
According to the agreement, a subsidiary of Related Companies (“Merger Sub”), will acquire all of the outstanding shares of common stock of KSW for $5.00 per share through a cash tender offer followed by a merger. Valued at approximately $32.1 million, KSW’s Board of Directors unanimously approved of the agreement.
Under the terms of the merger agreement, Merger Sub will commence a tender offer for all of the outstanding shares of KSW before September 21, 2012. If the first step tender offer is successfully completed, Merger Sub will acquire any of the remaining KSW shares of common stock through a second step merger transaction. In this step, the remaining KSW shares will be converted into a right to receive the same consideration per share as paid in the tender offer. The companies expect that the tender offer transaction will close by October 26, 2012.
Floyd Warkol, KSW’s CEO, remarked, “We are pleased to announce this merger as it delivers significant value to our shareholders. KSW has enjoyed a long and successful relationship with Related Companies while working on their New York City projects. Partnering with Related Companies will only enhance our ability to provide first quality services to our current and future customers.”
Bruce A. Beal, Jr., President of Related Companies, added, “As a vertically- integrated developer working across all asset classes we are consistently looking for opportunities to enhance our developments and increase our efficiency. The acquisition of KSW, a best-in-class HVAC provider with an experienced management team, allows us to utilize their skill set throughout the design process, offers direct purchasing capability from equipment manufacturers, and creates an even more direct link to New York City’s talented workforce. It will also allow us to continue to pioneer new innovations in sustainability, customizing and developing new sustainable features for our robust pipeline of projects.”
QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.
To sign up for The QualityStocks Daily Newsletter, please visit www.QualityStocks.net
Please read FULL disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.net
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.