Market Overview

MetWest Capital Management Expresses Strong Opposition to Proposed Merger of Pike Corp. and Court Square Capital Partners


Metropolitan West Capital Management, LLC (“MWCM”) has expressed strong opposition to the proposed merger of Pike Corp. (NYSE: PIKE) with entities controlled by Court Square Capital Partners (CSCP) and J. Eric Pike, the Company's current CEO. The MWCM portfolio management team, which currently holds approximately 15% of the outstanding common stock of Pike Corp. (“the Company”), believes the Company has not made an adequate case in favor of the Merger; that the Merger undervalues the Company; and that the Merger is not in the best interests of the Company's shareholders.

MWCM, as a long-standing shareholder of Pike Corp., recently expressed in a letter to the Company's Board of Directors serious concerns about the reasons for the merger and the merger price. The MWCM team has repeatedly noted in communications to the Company that negotiations with CSCP occurred over a period of time when the Company's stock price was declining, and that the final sale price was arrived at when the stock was at or near a 12-month low. The MWCM team does not believe the merger price reflects the fair value of the Company's shares at this time.

MWCM has been a patient and supportive investor in the Company for more than eight years. During that time the Company has made investments to diversify geographically and through lines of products and services, with an eye toward future growth and earnings stability. The MWCM team believes that the Company is currently positioned to begin recognizing the benefits of that strategy and that the Company's investors should reap those benefits as well. The team believes that the pending merger will deprive MWCM and the Company's other long-time investors of the benefit of their patience and loyalty.

As the Company's largest institutional shareholder, Metropolitan West Capital Management, LLC urges the Board and the Independent Committee to reconsider and withdraw their support of this merger.

for Metropolitan West Capital Management
Debbi Tippett, 213-253-3150

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