3/11/2023 0 Comments ElectorrentUpon completion of the transaction, Electro Rent’s common stock will cease to be publicly traded. Steven Markheim, recently named Chief Executive Officer of Electro Rent, and Allen Sciarillo, recently named Chief Financial Officer, will retain their current roles under the ownership of Platinum Equity. Completion of the transaction, which is expected to close in the next 90 to 120 days, is subject to customary closing conditions, including approval of Electro Rent’s stockholders and various regulatory agencies.Įlectro Rent Chairman Daniel Greenberg and a member of his immediate family, who collectively own approximately 29% of the company’s outstanding shares of common stock, have entered into voting agreements in support of the sale and have granted an affiliate of Platinum Equity irrevocable proxies to execute those agreements. The agreement followed the unanimous recommendation of Electro Rent’s board of directors. In light of the agreement, Electro Rent will not pay its next quarterly common stock dividend scheduled for July 2016. Electro Rent stockholders will receive $13.12 per share, representing a premium of 24.4% over the closing price on May 27, 2016, and 34.8% over the average closing price of Electro Rent’s common stock over the past three (3) months. Under the agreement, Platinum Equity would acquire all of Electro Rent’s common stock. – – Platinum Equity and Electro Rent Corporation (Nasdaq: ELRC) today announced that they have entered into a definitive agreement under which Electro Rent would be acquired by Platinum Equity for approximately $323.4 million. Platinum Equity to Acquire Electro Rent for $13.12 per Share in All Cash TransactionīEVERLY HILLS and VAN NUYS, Calif.
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