Maxim Crane Works, Bridgeville, Pa., announced Monday that it has entered into a merger agreement with affiliates of Platinum Equity Capital Partners II, Beverly Hills, Calif. Platinum Equity will acquire for cash all of the outstanding common stock of Maxim Crane for $42.50 per share. Holders of Series A and Series B Warrants to acquire Maxim Crane common stock will receive the difference between the exercise price of their warrants and $42.50 per share.
The transactions require the approval of a majority of the outstanding shares of Maxim Crane common stock. Maxim Crane will announce the record date, time and place of the meeting of stockholders to be called to approve the merger agreement in a subsequent release. The parties estimate the transaction will close by June 30, 2008, and no later than Aug. 20.
In addition to Maxim Crane stockholder approval, the transaction is subject to expiration of the waiting period under the Hart-Scott-Rondino Act and other customary conditions, including no material adverse change in the company's business, financial condition, or results of operations.
There is no financing condition. The Maxim Crane board of directors is recommending that the stockholders of Maxim Crane approve the transaction.
Maxim Crane Works, a coast-to-coast, full-service crane rental company, operates more than 35 branch offices in six regions. Maxim specializes in the rental and sale of cranes and other ancillary equipment.
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