A team of Goodwin Procter attorneys advised Mac-Gray, a leading laundry facilities management provider, in its recent $524 million acquisition by CSC ServiceWorks, a leading provider of multi-family housing and commercial laundry solutions.
The companies entered into a definitive agreement and plan of merger in which CSC will acquire all of the outstanding common stock of Mac-Gray for $21.25 per share in cash, a premium of 42 percent over the company’s closing stock price on October 14, 2013. The transaction has been unanimously approved by the Board of Directors of Mac-Gray.
Closing, expected to be completed in the first half of 2014, is subject to conditions including the adoption of the acquisition agreement by Mac-Gray’s stockholders, regulatory approval and other customary conditions. Following the transaction, Mac-Gray's common stock will be delisted from the New York Stock Exchange and will no longer trade publicly.
BofA Merrill Lynch is acting as financial advisor to Mac-Gray; Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Evercore Group L.L.C. are acting as financial advisors to CSC.