Watsco Announces Successful Completion of the Acquisition of ACR Group, Inc.
August 10 2007 - 8:00AM
Business Wire
Watsco, Inc. (NYSE:WSO) today announced the successful completion
of the acquisition of ACR Group, Inc. (AMEX:BRR) through a cash
tender offer and a subsequent short-form merger of Coconut Grove
Holdings, Inc., a wholly-owned subsidiary of Watsco, with and into
ACR. As a result of the merger, all outstanding shares of ACR
common stock not validly tendered and accepted for payment in the
tender offer or purchased pursuant to Sale and Support Agreements
with ACR�s executive officers and certain of their respective
affiliates were converted into the right to receive $6.75 per share
(the same price offered in the tender offer) in cash, without
interest. The Depositary for the tender offer and the Disbursing
Agent for the merger will mail to stockholders that have not yet
validly tendered their shares materials necessary to exchange their
ACR stock certificates for such payment. Effective with the merger,
Watsco will delist ACR shares from the American Stock Exchange.
Watsco is the largest independent distributor of air conditioning,
heating and refrigeration equipment and related parts and supplies
in the HVAC industry and operates 440 locations serving over 40,000
customers in 34 states. The Company's goal is to build a national
network of locations that provide the finest service and product
availability for HVAC contractors, assisting and supporting them as
they serve the country's homeowners and businesses. Additional
information about Watsco may be found on the Internet at
http://www.watsco.com. This document includes certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and are subject to
uncertainty and changes in circumstances. Actual results may differ
materially from these expectations due to changes in economic,
business, competitive market, regulatory and other factors,
including, without limitation, the effects of supplier
concentration, competitive conditions within Watsco's industry,
seasonal nature of sales of Watsco's products, insurance coverage
risks and final GAAP adjustments. Forward-looking statements speak
only as of the date the statement was made. Watsco assumes no
obligation to update forward-looking information to reflect actual
results, changes in assumptions or changes in other factors
affecting forward-looking information. Detailed information about
these factors and additional important factors can be found in the
documents that Watsco files from time to time with the Securities
and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K.
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