Sunair Services (SNR) Agrees To Be Acquied By Massey Services for $2.75/Share, 47% Premium
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Sunair Services Corporation (AMEX: SNR) entered into a definitive merger agreement with Massey Services, Inc. pursuant to which Massey would acquire all of the outstanding common stock of Sunair in an all-cash transaction valued at $2.75 per share, which represents a premium of approximately 47% over the stock's closing price on September 25, 2009.
Massey's operations would merge with Middleton Pest Control, Inc., a wholly owned subsidiary of Sunair with headquarters located in Orlando, Florida, which provides pest control and lawn care services to both residential and commercial customers. The transaction is expected to close in November subject to the approval of Sunair's shareholders, customary regulatory approvals and other closing conditions. Following the closing, Harvey L. Massey will be the Chairman and CEO of the combined companies, which will be privately held.
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