WESTFIELD, Mass., Dec. 3 /PRNewswire-FirstCall/ -- Mestek, Inc. (Pink
Sheets: MCCK) (the "Company"), today announced the final results of its
modified "Dutch Auction" tender offer, which expired at 5 p.m. on Monday,
November 26, 2007.
The Company accepted for purchase 169,496 shares of its common stock at
a price of $14.75 per share, for a total cost of $2.5 million, excluding
fees and expenses related to the offer. These shares represent
approximately 2.1% of the shares outstanding on September 30, 2007.
Based on the final count by the depositary, Computershare, Inc., a
total of 211,862 shares were validly tendered at a price of $14.75 per
share or less. Accordingly, the proration factor for the offer will be
80.002%. Pursuant to the terms of the offer, no shares tendered at prices
above $14.75 will be accepted for purchase.
Computershare, Inc. will promptly pay for the shares accepted for
purchase and will promptly return all shares tendered and not accepted for
purchase. With completion of the tender offer, the Company now has
approximately 8,067,597 shares outstanding.
Shareholders and investors who have questions or need information about
the offer may contact the information agent, MacKenzie Partners, Inc., toll
free at (800) 322-2885 or collect at (212) 929-5500.
Mestek, Inc. engages in the manufacture and sale of heating,
ventilating and air conditioning (HVAC) equipment, and metal-forming
equipment in the United States and Canada. The Company was incorporated in
1898 as Mesta Machine Company and changed its name to Mestek, Inc. in 1984.
Mestek is headquartered in Westfield, Massachusetts.
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the
intent, belief or current expectations of the Company and its management.
Such forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties that could materially
affect actual results. All information set forth in this news release is as
of today's date, and the Company undertakes no duty to update this
information.
SOURCE Mestek, Inc.
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CONTACT:
Corporate, Cindy Lacoste of Mestek, Inc.,
+1-413-568-9571; or Jeanne Carr of MacKenzie Partners, Inc.,
+1-212-929-5500, for Mestek, Inc.
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