LOS ANGELES, Sept. 13 /PRNewswire/ -- 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withdrawn of CompuDyne Corporation (Nasdaq: CDCY) pursuant to its tender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.
The initial offering period expired at 5:00 p.m., New York City time,
on September 12, 2007. 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were tendered and not withdrawn prior to the expiration of the offer,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offer and whose shares were not properly withdrawn, will promptly receive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 percent of the outstanding shares of CompuDyne
Corporation's common stock.
After the purchase of the tendered shares and the shares guaranteed for
delivery, Gores Patriot Holdings, Inc., the parent of Patriot Acquisition
Corp, plans to complete the acquisition of CompuDyne Corporation as soon as
practicable pursuant to the short-form merger procedure available under
Nevada law. In this merger, Patriot Acquisition Corp. will merge with and
into CompuDyne Corporation, and CompuDyne Corporation will become a
wholly-owned subsidiary of Gores Patriot Holdings, Inc. In the merger, each
share of CompuDyne Corporation's outstanding common stock will be cancelled
and converted into the right to receive $7.00 per share, net to the seller
in cash and without interest. Thereafter, CompuDyne Corporation's common
stock will no longer be traded on the Nasdaq Stock Market.
About The Gores Group:
Founded in 1987, The Gores Group, LLC is a private equity firm focused
on acquiring controlling interests in mature and growing businesses which
can benefit from the firm's operating experience and flexible capital base.
The firm combines the operational expertise and detailed due diligence
capabilities of a strategic buyer with the seasoned M&A team of a
traditional financial buyer. The Gores Group, LLC has become a leading
investor having demonstrated over time a reliable track record of creating
substantial value in its portfolio companies alongside management. The
firm's current private equity fund has committed equity capital of $1.3
billion. Headquartered in Los Angeles, California, The Gores Group, LLC
maintains offices in Boulder, Colorado and London. For more information,
please visit http://www.gores.com.
SOURCE The Gores Group, LLC
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Related links:
http://www.gores.com
CONTACT:
Bob Marese of Mackenzie Partners, Inc.,
+1-212-929-5405
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