CompuDyne Corporation Announces Completion of Sale to Gores Patriot Holdings, Inc.
September 21 2007 - 6:08PM
PR Newswire (US)
ANNAPOLIS, Md., Sept. 21 /PRNewswire-FirstCall/ -- CompuDyne
Corporation (NASDAQ:CDCY) announced today the completion of the
merger of the Company with Patriot Acquisition Corp., an affiliate
of The Gores Group, LLC. Gores Patriot Holdings, Inc. completed the
acquisition of CompuDyne Corporation pursuant to the short-form
merger procedure available under Nevada law. In this merger,
Patriot Acquisition Corp., a wholly-owned subsidiary of Gores
Patriot Holdings, merged with and into CompuDyne Corporation, and
CompuDyne Corporation became a wholly-owned subsidiary of Gores
Patriot Holdings, Inc. As a result of the merger, each outstanding
share of CompuDyne Corporation's common stock was cancelled and
converted into the right to receive $7.00 per share, net to the
seller in cash and without interest. As a result of this
transaction, CompuDyne Corporation's common stock will cease
trading on the NASDAQ Global Market at market close today,
September 21, 2007, and will thereafter be delisted. Shareholders
who hold shares of CompuDyne's common stock through a bank or
broker will not have to take any action to have their shares
converted into cash, since these conversions will be handled by the
bank or broker. As soon as practicable, Continental Stock Transfer,
the paying agent appointed by The Gores Group, will send
information to all CompuDyne shareholders of record, explaining how
they can surrender their shares of CompuDyne common stock in
exchange for $7.00 in cash, without interest and less any
applicable withholding taxes. Shareholders of record should await
this information before surrendering their shares. About CompuDyne:
CompuDyne Corporation is a leading provider of products and
services to the public security market with 2006 revenues of 147.5
million. CompuDyne operates in four distinct segments in this
marketplace: Institutional Security Systems, Attack Protection,
Integrated Electronics and Public Safety and Justice. CompuDyne's
customers include several divisions of federal, state and local
governmental agencies and corporate clientele. For more
information, please visit http://www.compudyne.com/. About The
Gores Group: Founded in 1987, The Gores Group, LLC is a private
equity firm focused on acquiring controlling interests in mature
and growing businesses which can benefit from the firm's operating
experience and flexible capital base. The firm combines the
operational expertise and detailed due diligence capabilities of a
strategic buyer with the seasoned M&A team of a traditional
financial buyer. The Gores Group, LLC has become a leading investor
having demonstrated over time a reliable track record of creating
substantial value in its portfolio companies alongside management.
The firm's current private equity fund has committed equity capital
of $1.3 billion. Headquartered in Los Angeles, California, The
Gores Group, LLC maintains offices in Boulder, Colorado and London.
For more information, please visit http://www.gores.com/.
DATASOURCE: CompuDyne Corporation CONTACT: Bob Marese,
+1-212-929-5500, , for CompuDyne Corporation Web site:
http://www.gores.com/ http://www.compudyne.com/
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