Centerplate (CVP) Signs Merger Agreement with Kohlberg & Company
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Centerplate, Inc. (Amex: CVP) announced that it has signed a definitive merger agreement with an affiliate of Kohlberg & Company, L.L.C. (Kohlberg & Company), a leading private equity firm, to be acquired in an all cash transaction. The Board of Directors of Centerplate has unanimously approved the transaction.
Under the terms of the agreement, the transaction will be accomplished through a debt tender for up to 70% of the notes and a merger in which 100% of the Company's common stock will be acquired. Each unit holder who tenders the notes underlying their units will receive $3.99 for each note tendered, subject to proration if more than 70% of the notes are tendered. At the closing of the merger, each unit holder will also receive $0.01 per share for the common stock underlying their units for a total payment to IDS holders of $4.00 per unit. This represents a premium of approximately 33% over Centerplate's closing price today.
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