Through this transaction, each of the company's shareholders would receive
That price represents a premium of about 50.8 percent over the stock's closing price on Friday.
After 59 years as a private company, Pike went public in 2005 and its common stock is listed on the
"I believe this transaction will open an exciting new chapter for the company, our employees and customers,"
"The company has made solid progress executing our diversified service strategy, but I recognize that it will still take more time, investment and patience. For these reasons, I believe our efforts will be better supported by partnering with
He will continue to lead the company as chairman and chief executive officer and will maintain a significant equity investment in the firm by contributing most of his equity in the corporation to the new company in connection with the transaction.
"I am committed to this journey and plan to make a significant investment in this transaction with
The company's board of directors adopted the merger agreement, acting on the unanimous recommendation of a special committee comprised entirely of independent and disinterested directors. The board resolved to submit it to the
Company officials expect the transaction to be completed in the second quarter of Pike's 2015 fiscal year, or the fourth quarter of calendar year 2014, subject to approval from its shareholders and regulatory approvals, and satisfaction of other customary closing conditions."
"The special committee and its advisers conducted a disciplined and independent process intended to ensure the best outcome for shareholders," stated
The merger agreement provides for a 30-day "go-shop" period, during which the special committee -- with the assistance of its independent financial adviser BofA Merrill Lynch -- will actively solicit, and to the extent received, evaluate and potentially enter into negotiations with parties that offer alternative proposals to acquire
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