Atlas Copco successfully completes tender offer for Rental Service Corporation common stock
28 jul 1999
Stockholm, Sweden, New York, NY, and Scottsdale, Arizona, July 28, 1999 --- Atlas Copco North America Inc., a subsidiary of Sweden-based Atlas Copco AB, and Rental Service Corporation (NYSE: RSV) today announced the successful completion of the tender offer by Pandion Acquisition Corp., a wholly owned subsidiary of Atlas Copco North America, for all outstanding shares of Rental Service common stock at a purchase price of $29.00 per share in cash, without interest, which tender offer expired at 12:00 Midnight, New York City time, on Tuesday, July 27, 1999. A total of 22,471,405 shares (including 673,600 shares subject to guarantees of delivery) were tendered in the offer and accepted for payment by Pandion Acquisition, representing approximately 92.5% of the outstanding shares of Rental Service common stock.
Atlas Copco North America and Rental Service also announced that the parties intend to consummate the merger of Pandion Acquisition with and into Rental Service contemplated by the merger agreement previously announced by the parties on June 28, 1999, as promptly as practicable. In connection with the merger, Atlas Copco North America will acquire the remaining shares of Rental Service common stock for $29.00 per share in cash, without interest. The parties anticipate that the merger will be consummated on or about July 29, 1999. For further information, please contact: Atlas Copco: Mark Cohen, Executive Vice President, Atlas Copco North America Inc. Phone: +1-973-439 3410, [email protected] Lennart Johansson, Senior Vice President, Controlling, M&A Director. Mobile +46 70 588 8570, [email protected] Annika Berglund, Vice President, Corporate Communications, (media) Mobile +46 70 322 8070, [email protected] Beacon Hill Partners: Edward McCarthy Phone +1-212-843 8500 Rental Service Corporation: Robert M. Wilson, Executive Vice President, Chief Financial Officer Phone +1-480-905 3300, [email protected] Kekst and Company: Thomas Davies or David Kronfeld Phone +1-212-521 4800 Atlas Copco is an international group of industrial companies with its head office in Stockholm, Sweden. In 1998, the Group had revenues of USD 4.2 billion, with 97 percent of revenues outside Sweden, and more than 23,000 employees. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressed air equipment, construction and mining equipment, assembly systems, and motion control products and offer related service and equipment rental. Well-known North American companies in the Atlas Copco Group are Prime Service, Inc., Milwaukee Electric Tool Company, and Chicago Pneumatic Tool Company. Additional information about Atlas Copco is available at the Group’s web site, www.atlascopco.com, which provides access to current news about the Company. Rental Service Corporation is a leader in the rapidly growing equipment rental industry, serving the needs of a variety of industrial, manufacturing and construction markets. Headquartered in Scottsdale, Arizona, Rental Service operates 274 locations throughout the United States and Canada. Additional information about Rental Service is available at its web site at www.rentalservice.com.