Pomeroy IT Solutions Entered Agreement To Be Acquired By Platinum Equity (PMRY)
Sun. September 27, 2009; Posted: 04:16 PM
Sep 27, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 9/27/2009 - Pomeroy IT Solutions Inc. (NASDAQ:PMRY) said it has entered into an agreement to be acquired by affiliates of Platinum Equity LLC. Under the terms, Platinum will acquire all outstanding shares of Pomeroy for $6.50 per share, or $60.6 million based on 9.32 million shares outstanding. The company also said that it terminated its previous merger agreement with Hebron LLC, Desert Mountain Acquisition Co. and founder David Pomeroy. Pomeroy paid a termination fee of about $1 million to Hebron. Houlihan Lokey is serving as the exclusive financial adviser to the special committee on the company's board. The legal adviser is Sheppard, Mullin, Richter & Hampton LLP.
Write to Chip Brian at cbrian@tradethetrend.com
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