UPDATE: CSC ServiceWorks to Buy Mac-Gray for $21.25/Share

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CSCServiceWorks, Inc. ("CSC") and Mac-Gray Corporation (NYSE: TUC) ("Mac-Gray" orthe "Company") today announced that they have entered into a definitiveagreement and plan of merger that provides for the merger of Mac-Gray with CSCFenway, Inc., a wholly-owned subsidiary of Spin Holdco Inc., which is awholly-owned subsidiary of CSC. Pursuant to the transaction, CSC will acquireall of the outstanding common stock of Mac-Gray for $21.25 per share, payablein cash, which represents a premium of 42% over the Company's closing stockprice on October 14, 2013. The aggregate value of the transaction isapproximately $524 million, taking into account Mac-Gray's outstanding stockoptions, restricted stock units and net debt as of June 30, 2013. Thetransaction has been unanimously approved by the Board of Directors ofMac-Gray.

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