Patriot Announces Results of Tender offer for CompuDyne's (CDCY) Common Stock
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Patriot Acquisition Corp., an affiliate of The Gores Group, LLC, a private investment firm focused on buyout transactions across several industry sectors, today announced that it has accepted all of the shares of common stock tendered, and not withdrawn of CompuDyne Corporation (Nasdaq: CDCY) pursuant to its tender offer for all of the outstanding shares of CompuDyne common stock at $7.00 per share, net to the seller in cash and without interest.
According to Continental Stock Transfer & Trust Company, the depositary for the tender offer, a total of 7,780,757 shares were tendered and not withdrawn prior to the expiration of the offer, excluding an additional 80,920 shares tendered by notice of guaranteed delivery. Stockholders who validly tendered prior to the expiration of the offer and whose shares were not properly withdrawn, will promptly receive the purchase price of $7.00 per share, net to the seller in cash and without interest. As a result of these purchases, Patriot Acquisition Corp. will own approximately 92% of the outstanding shares of CompuDyne Corporation's common stock.
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