Dryclean USA (DCU) Receives $0.85/Share Tender Offer
DRYCLEAN USA, Inc. (AMEX: DCU) announced that it received a proposal today from members of the Steiner family, the principal stockholders of the Company, to acquire all of the outstanding shares of the Company's Common Stock.
It is presently proposed that the transaction would be structured as a merger of the Company with a company to be owned by the Steiner family pursuant to which the public stockholders of the Company would receive $0.85 per share in cash, or an aggregate of approximately $2.55 million, for the approximately 3 million shares (approximately 43% of outstanding shares) of the Company's Common Stock not currently owned by the members of the Steiner family. The proposed purchase price represents a 13% premium over today's $0.75 per share closing price of the Company's Common Stock.
Dryclean USA, Inc., together with its subsidiaries, supplies commercial and industrial laundry and dry cleaning equipment, and steam boilers in the United States, the Caribbean, and Latin America.
It is presently proposed that the transaction would be structured as a merger of the Company with a company to be owned by the Steiner family pursuant to which the public stockholders of the Company would receive $0.85 per share in cash, or an aggregate of approximately $2.55 million, for the approximately 3 million shares (approximately 43% of outstanding shares) of the Company's Common Stock not currently owned by the members of the Steiner family. The proposed purchase price represents a 13% premium over today's $0.75 per share closing price of the Company's Common Stock.
Dryclean USA, Inc., together with its subsidiaries, supplies commercial and industrial laundry and dry cleaning equipment, and steam boilers in the United States, the Caribbean, and Latin America.
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