Clark Holdings Inc. Agrees to be Acquired by Affiliate of The Gores Group
Clark Holdings Inc. (NYSE: GLA) today announced that it has entered into a definitive merger agreement with an affiliate of The Gores Group, LLC under which Gores will acquire all of the outstanding equity of Clark. Pursuant to the merger agreement, Clark's stockholders will receive $0.46 in cash for each share of Clark common stock they hold at the time of the merger, which represents a premium to the current market closing share price on September 1, 2011 of 171%.
Clark's Board of Directors approved the transaction and has recommended that Clark's stockholders adopt the merger agreement. The merger agreement with Gores was reached following an extensive market evaluation and marketing process conducted by Clark and its advisor EVE Partners. A special meeting of Clark's stockholders will be held as soon as practicable after the preparation and filing of a proxy statement with the Securities and Exchange Commission and subsequent mailing to shareholders. During the 30 calendar day period following the date of the merger agreement, Clark is permitted to solicit alternative proposals from third parties. The transaction is subject to customary closing conditions, including the approval of Clark's stockholders, but is not subject to any condition with regard to financing the transaction.
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