Tecumseh ProductsがMueller IndustriesとAtlas Holdingsによる買収で正式契約

Tecumseh Products Company

2015/8/6 15:30

Tecumseh ProductsがMueller IndustriesとAtlas Holdingsによる買収で正式契約

AsiaNet 61414(1008)

【アナーバー(米ミシガン州)2015年8月5日PRN=共同通信JBN】

*Tecumseh Products Companyの株主は保有する1株につき5.00ドルの現金を受け取る

*Tecumseh Products Companyは単一企業として存続する

世界的なコンプレッサー・関連製品メーカーのTecumseh Products Company(NASDAQ:TECU)(Tecumsehないしは同社と表記)は5日、Mueller Industries,Inc.(NYSE:MLI)とAtlas Holdings LLC両社の子会社がTecumsehを買収することで正式契約したと発表した。買収総額は純債務の肩代わりも含めて約1億2300万ドル。1株当たりの買収提示額は5.00ドルで、Tecumseh株の2015年8月4日終値の1.96ドルに155%のプレミアムを上乗せした。

契約によって、世界展開し市場をリードする象徴的ブランドのTecumsehは、Mueller IndustriesとAtlas Holdingsという新しいオーナーの下に入る。両社はTecumsehを市場と操業技術、資本の面で助ける。

Tecumsehのハロルド・カープ社長兼最高経営責任者(CEO)は「Mueller IndustriesとAtlas Holdingsと協力し両社の支援を受けて当社の企業成長を継続し、顧客に革新的で最良の製品と優れたサービスとサポートを提供していきたい」と述べた。

▽買収の概略

買収契約の条項に基づき、Mueller Industries,Inc.とAtlas Holdings両社の子会社は、Tecumsehの発行済み普通株のすべてを1株当たり5.00ドルの現金で買収することを開始する。1株当たりの買収提示額は、Tecumseh株の2015年8月4日終値の1.96ドルに155%のプレミアムを上乗せした。Tecumseh取締役会は全員が買収契約に賛成した。

▽買収後の位置付け

Tecumsehは買収終了後も単一企業として存続し、本社も移転しない。さらに北州、欧州、アジアにある技術センターと製造施設も操業を続ける。Tecumsehはナスダック株式市場の上場を廃止し、非公開企業になる。同社の事業拡大への専念する能力を高め、新製品を送り出し、顧客へのサービス水準を引き上げる。Tecumsehの経営陣は買収終了後も続投する見通し。

シティがTecumsehの財務アドバイザーを務める。法務アドバイザーはHonigman Miller SchwartzとCohn LLP。Mueller IndustriesとAtlas Holdingsの法務アドバイザーはWillkie Farr & Gallagher LLP。

▽買収の完了手続きと時期

買収は通常の完了条件に従って決まる。株式買い付けで発行済み株式の過半数が買収されること、ハート・スコット・ロディノ反トラスト改正法で課せられている待機期間が終了することなどが条件である。

買収は2015年第3四半期に完了する予定。

買収についてのさらに詳細な情報は、Tecumsehが米証券取引委員会(SEC)へ提出するフォーム8-Kのカレントリポートに含まれる。

▽Tecumseh Products Companyについて

Tecumseh Products Companyは、空調・冷蔵コンプレッサー、圧縮機、ヒートポンプ、完全冷蔵システムを含む、住宅用および特殊用途の空調、家庭用冷蔵庫・冷凍庫、商用冷蔵の用途向けの密閉コンプレッサーの世界的メーカーである。同社のプレスリリースや投資家向け情報は、同社ホームページ(www.tecumseh.com )の投資家関係セクションから入手できる。

▽Mueller Industries,Inc.について

Mueller Industries,Inc.は銅管、銅製品、真ちゅう・銅合金の棒や製品、アルミ・真ちゅう鍛造品、アルミ・銅打ち出し製品、プラスチックパイプ製品・バルブ、冷蔵バルブ・容器・製品、加工管製品の大手メーカー。Mueller Industriesの操業は全米各地のほか、カナダ、メキシコ、英国、中国に広がっている。同社事業に密接に関連する分野は(1)新築住宅建設(2)住宅・施設の改装修理(3)オフィスビルや工場、ホテル、病院などの商業建設市場。

▽Atlas Holdings LLCについて

Atlas Holdings LLCは2002年の創業、本社はコネティカット州グリニッジ。同社とその子会社は16企業を保有し、従業員は約1万5000人。世界100カ所以上に施設を持ち、年商は約40億ドル。Atlas Holdingsの企業はアルミ加工、自動車、建材、設備機器、建設、エネルギー、産業サービス、パッケージ、紙、発電、鉄鋼、サプライチェーン管理など、さまざまな産業に広がっている。詳しい情報はwww.atlasholdingsllc.com を参照。

▽問い合わせ先

For Tecumseh Products Company:

Janice Stipp

Tecumseh Products Company

734.585.9507

Janice.Stipp@tecumseh.com

For Mueller Industries:

Jeffrey A. Martin

Mueller Industries, Inc.

901.753.3226

JMartin@MuellerIndustries.com

For Atlas Holdings:

Brian H. Schaffer

Prosek Partners

212.279.3115

bschaffer@prosek.com

ソース:Tecumseh Products Company

Tecumseh Products Company Enters Into Definitive Agreement To Be Acquired By An Affiliate Of Mueller Industries & Atlas Holdings

PR61414

ANN ARBOR, Mich., Aug. 5, 2015 /PRN=KYODO JBN/ --

- Tecumseh Products Company Stockholders to Receive $5.00 per Share in Cash

- Tecumseh Products Company Will Remain a Standalone Business

Tecumseh Products Company (NASDAQ: TECU) ("Tecumseh" or "the Company"), a

leading global manufacturer of compressors and related products, in conjunction

with Mueller Industries, Inc. (NYSE: MLI) ("Mueller Industries") and Atlas

Holdings LLC ("Atlas Holdings"), today announced that they have entered into a

definitive merger agreement under which an affiliate of Mueller Industries and

Atlas Holdings will acquire Tecumseh in a transaction valued at approximately

$123 million, including the assumption of net debt. The offer price of $5.00

per share in cash reflects a 155% premium based on Tecumseh's closing price of

$1.96 per share on August 4, 2015.

The proposed transaction would bring together Tecumseh, an iconic brand with a

global footprint and market-leading positions, with new owners, Mueller

Industries and Atlas Holdings, who will contribute market and operational

expertise, as well as capital.

"We look forward to working with Mueller Industries and Atlas Holdings to help

us achieve continued growth as we provide our customers with innovative,

best-in-class products and outstanding service and support," stated Harold

Karp, President and Chief Executive Officer of Tecumseh.

Transaction Overview

Under the terms of the merger agreement, an affiliate of Mueller Industries and

Atlas Holdings will commence a tender offer for all the outstanding common

stock shares of Tecumseh for $5.00 per share in cash, a 155% premium based on

Tecumseh's closing price of $1.96 per share on August 4, 2015. Tecumseh's Board

of Directors has unanimously approved the merger agreement.

Post Transaction Positioning

Tecumseh will remain a standalone business with its headquarters unchanged at

the close of the proposed transaction. In addition, Tecumseh will continue to

operate its global technology centers and manufacturing facilities in North

America, South America, Europe and Asia. Tecumseh will become a privately held

company and will be delisted from the NASDAQ Stock Market, strengthening the

Company's ability to focus on growing the business, launching new products and

enhancing customer service levels. Tecumseh's senior management is expected to

remain in place post transaction close.

Citi is serving as the Company's financial advisor, while Honigman Miller

Schwartz and Cohn LLP is serving as its legal advisor. Willkie Farr & Gallagher

LLP is serving as legal advisor to Mueller Industries and Atlas Holdings.

Transaction Close Process & Timing

The acquisition is subject to customary closing conditions, including a

majority of the outstanding shares having been tendered in the tender offer and

the expiration or termination of the applicable waiting period under the

Hart-Scott-Rodino Antitrust Improvements Act.

The transaction is expected to be completed in the third quarter of 2015.

Additional details about the merger agreement will be contained in a Current

Report on Form 8-K to be filed by Tecumseh Products Company with the U.S.

Securities and Exchange Commission ("SEC").

About Tecumseh Products Company

Tecumseh Products Company is a global manufacturer of hermetically sealed

compressors for residential and specialty air conditioning, household

refrigerators and freezers, and commercial refrigeration applications,

including air conditioning and refrigeration compressors, as well as condensing

units, heat pumps and complete refrigeration systems. Press releases and other

investor information can be accessed via the Investor Relations section of

Tecumseh Products Company's website at www.tecumseh.com.

About Mueller Industries, Inc.

Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings;

brass and copper alloy rod, bar and shapes; aluminum and brass forgings;

aluminum and copper impact extrusions; plastic pipe fittings and valves;

refrigeration valves, vessels and fittings; and fabricated tubular products.

Mueller Industries' operations are located throughout the United States and in

Canada, Mexico, Great Britain, and China. Mueller Industries' business is

importantly linked to: (i) the construction of new homes; (ii) the improvement

and reconditioning of existing homes and structures; and (iii) the commercial

construction market which includes office buildings, factories, hotels,

hospitals, etc.

About Atlas Holdings LLC

Founded in 2002, Atlas Holdings LLC is headquartered in Greenwich, Connecticut.

Atlas Holdings and its affiliates own 16 companies that employ nearly 15,000

associates and operate more than 100 facilities across the globe - generating

approximately $4 billion in revenue annually. Atlas Holdings companies are

engaged in a variety of industries, including aluminum processing, automotive,

building materials, capital equipment, construction, energy, industrial

services, packaging, paper, power generation, steel, and supply chain

management. Visit www.atlasholdingsllc.com for more information.

Forward Looking Statements

This document contains certain statements which constitute forward-looking

statements. These forward-looking statements include statements regarding the

satisfaction of conditions to the completion of the proposed transaction and

the expected completion of the proposed transaction, as well as other

statements that are not historical fact. These forward-looking statements are

based on currently available information, as well as Tecumseh Products

Company's views and assumptions regarding future events as of the time such

statements are being made. Such forward looking statements are subject to

inherent risks and uncertainties. Accordingly, actual results may differ

materially from those expressed or implied in such forward-looking statements.

Such risks and uncertainties include, but are not limited to, the potential

failure to satisfy conditions to the completion of the proposed transaction due

to the failure to receive a sufficient number of tendered shares in the tender

offer, as well as those described in cautionary statements contained elsewhere

herein and in Tecumseh Products Company's periodic reports filed with the SEC

including the statements set forth under "Risk Factors" set forth in Tecumseh

Products Company's most recent annual report on Form 10-K, the Tender Offer

Statement on Schedule TO (including the offer to purchase, the letter of

transmittal and other documents relating to the tender offer) to be filed by an

affiliate of Mueller Industries and Atlas Holdings, and the

Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by Tecumseh

Products Company. As a result of these and other risks, the proposed

transaction may not be completed on the timeframe expected or at all. These

forward-looking statements reflect Tecumseh Products Company's expectations as

of the date of this report. Tecumseh Products Company undertakes no obligation

to update the information provided herein, except as required by law.

Important Additional Information and Where to Find It

The tender offer for the outstanding shares of Tecumseh Products Company

described herein has not yet commenced. This communication is provided for

informational purposes only and is neither an offer to purchase nor a

solicitation of an offer to sell any securities of Tecumseh Products Company

pursuant to the tender offer by MA Industrial Sub Inc. ("Merger Sub"), a

wholly-owned subsidiary of MA Industrial JV LLC ("Parent"), an affiliate of

Mueller Industries and Atlas Holdings, or otherwise. Any offers to purchase or

solicitations of offers to sell will be made only pursuant to the Tender Offer

Statement on Schedule TO (including the offer to purchase, the letter of

transmittal and other documents relating to the tender offer) which will be

filed with the SEC by Parent and Acquisition Sub. In addition, Tecumseh

Products Company will file with the SEC a Solicitation/Recommendation Statement

on Schedule 14D-9 with respect to the tender offer. Tecumseh Products Company's

stockholders are advised to read these documents, any amendments to these

documents and any other documents relating to the tender offer that are filed

with the SEC carefully and in their entirety prior to making any decision with

respect to Merger Sub's tender offer because they contain important

information, including the terms and conditions of the offer. Tecumseh Products

Company's stockholders may obtain copies of these documents (when they become

available) for free at the SEC's website at www.sec.gov.

Company Contacts

For Tecumseh Products Company:

Janice Stipp

Tecumseh Products Company

734.585.9507

Janice.Stipp@tecumseh.com

For Mueller Industries:

Jeffrey A. Martin

Mueller Industries, Inc.

901.753.3226

JMartin@MuellerIndustries.com

For Atlas Holdings:

Brian H. Schaffer

Prosek Partners

212.279.3115

bschaffer@prosek.com

SOURCE Tecumseh Products Company

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