Monthly Archives: January 2014

CSC ServiceWorks to Acquire Mac‐Gray for $524 Million

PLAINVIEW, NY and WALTHAM, MA, October 15, 2013 – CSC ServiceWorks, Inc. (“CSC”) and Mac-Gray Corporation (NYSE: TUC) (“Mac-Gray” or the “Company”) today announced that they have entered into a definitive agreement and plan of merger that provides for the merger of Mac-Gray with CSC Fenway, Inc., a wholly-owned subsidiary of Spin Holdco Inc., which is a wholly-owned subsidiary of CSC. Pursuant to the transaction, CSC will acquire all of the outstanding common stock of Mac-Gray for $21.25 per share, payable in cash, which represents a premium of 42% over the Company’s closing stock price on October 14, 2013. The aggregate value of the transaction is approximately $524 million, taking into account Mac-Gray’s outstanding stock options, restricted stock units and net debt as of June 30, 2013. The transaction has been unanimously approved by the Board of Directors of Mac-Gray.

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