Bee Street Announces Final Results of Tender Offer for Continental Materials Corp. (CUO) & Completion of Subsequent Offering ...
April 20 2020 - 8:00AM
Business Wire
Bee Street Holdings LLC (“Bee Street”), a holding company owned
and controlled by James G. Gidwitz and other members of the Gidwitz
family, today announces the final results, and the completion of
the subsequent offering period, of its previously announced tender
offer to purchase all outstanding shares of common stock (the
“Shares”) of Continental Materials Corporation (NYSE American: CUO,
the “Company”) at a price of $9.50 per share in cash (the “Offer”).
The subsequent offering period of the Offer expired as scheduled at
midnight, New York City time, at the end of April 17, 2020.
Computershare Trust Company, N.A., the depositary for the Offer,
has advised Bee Street that, as of the expiration of the subsequent
offering period of the Offer, 427,321 Shares (including shares
accepted for payment in the initial offering period) had been
accepted for payment pursuant to the Offer. In addition, as of such
time, Notices of Guaranteed Delivery had been delivered for 100
Shares. Bee Street immediately accepted for payment and will
promptly pay for all of the Shares that were tendered during the
subsequent offering period for the same price as in the initial
offering period.
Together, the Shares previously owned by Bee Street and its
affiliates and the Shares accepted pursuant to the Offer constitute
approximately 89% of the outstanding Shares. Consequently, Bee
Street cannot currently consummate the Merger (as defined in the
Tender Offer Statement).
As previously announced and together with the other Purchaser
Filing Persons (as defined in the Tender Offer Statement), Bee
Street announces that it will advocate, as the Company’s
overwhelming majority stockholder, for the Company immediately to
‘go dark’ and cease to be a public company by de-listing the Shares
from the NYSE American Stock Exchange and by terminating and
suspending their and its registrations under the Securities
Exchange Act of 1934, as amended. If the Company so de-lists and
de-registers, the Company would not thereafter be required to file
periodic reports with the United States Securities and Exchange
Commission (the “SEC”) and to comply with certain other rules
promulgated by the SEC under the federal securities laws.
About the Offer
The Offer was made pursuant to the tender offer materials
(including an Offer to Purchase, a related Letter of Transmittal
and certain other offer documents) in the joint Tender Offer
Statement on Schedule TO and Transaction Statement on Schedule
13E-3 (together with any amendments or supplements thereto,
collectively, the “Tender Offer Statement”) filed by Bee Street
with the SEC on February 18, 2020, as amended on February 27, 2020,
March 20, 2020, March 27, 2020, April 1, 2020, April 6, 2020, April
7, 2020 and April 15, 2020. A final amendment of the Tender Offer
Statement will be filed with the SEC to report the results of the
Offer.
About Bee Street
Bee Street is the majority stockholder of the Company. In
addition, four of the members of the board of managers of Bee
Street are also directors of the Company, including James G.
Gidwitz, who is the Chairman and Chief Executive Officer of the
Company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200420005208/en/
For Bee Street: c/o InvestorCom Attn: John Glenn Grau, President
(203) 295-7841 jgrau@investor-com.com
Continental Materials (AMEX:CUO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Continental Materials (AMEX:CUO)
Historical Stock Chart
From Sep 2023 to Sep 2024