Collins Industries Announces Early Termination of Hart-Scott-Rodino Waiting Period for Merger Transaction
October 18 2006 - 5:40PM
PR Newswire (US)
HUTCHINSON, Kan., Oct. 18 /PRNewswire-FirstCall/ -- Collins
Industries, Inc. (OTC:CNSI) announced today that the Federal Trade
Commission has granted early termination of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in
connection with its merger agreement with Steel Partners II, L.P.,
a private investment partnership based in New York. Steel Partners
is purchasing Collins in affiliation with American Industrial
Partners, an operationally focused private equity firm. As
previously announced, under the terms of the merger agreement,
Collins shareholders will receive $12.50 in cash for each share of
Collins common stock they hold. The total value of the transaction,
including assumed debt and expenses, is approximately $110 million.
Completion of the transaction remains subject to customary closing
conditions and the approval of holders of two-thirds of the
outstanding shares of Collins common stock. The Board of Directors
of Collins has unanimously approved the merger agreement and is
recommending that Collins' shareholders approve the merger. Collins
has scheduled a special meeting of shareholders for October 30,
2006, to vote on the merger. Shareholders of record as of September
28, 2006 will be entitled to vote at the special meeting. The Board
of Directors of Collins encourages shareholders of record to vote
by telephone or via the Internet in advance of the special meeting
pursuant to the voting instructions included in the proxy
statement. Shareholders may obtain a free copy of the proxy
statement from the Investor Relations section of the Company's
website at http://www.collinsind.com/ . About Collins Industries,
Inc. Collins Industries, Inc. is a leading manufacturer of
ambulances (including medical attack vehicles, rescue vehicles and
fire emergency vehicles), North America's largest producer of Type
"A" small school buses, the nation's second largest manufacturer of
terminal trucks and a leader in the road construction and
industrial sweeper markets. Since 1971, the Company has grown to
approximately 1000 employees in six plants comprising over one
million combined square feet of manufacturing space. The Company
sells its products throughout the United States and abroad.
Forward-Looking Statements This press release contains historical
and forward-looking information. The forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The Company believes the
assumptions underlying these forward looking statements are
reasonable; however, any of the assumptions could be inaccurate,
and therefore, actual results may differ materially from those
projected in the forward-looking statements due to certain risks
and uncertainties, including, but not limited to, the occurrence of
any event, change or other circumstances that could give rise to
the termination of the merger agreement; the outcome of any legal
proceedings that may be instituted against Collins and others
following announcement of the proposal or the merger agreement; the
inability to complete the merger due to the failure to obtain
shareholder approval or the failure to satisfy other conditions to
the completion of the merger; and other risks as indicated in the
Company's prior filings with the Securities and Exchange
Commission. The Company undertakes no obligations to publicly
release any revisions to any forward-looking statements contained
herein to reflect events or circumstances occurring after the date
released or to reflect the occurrence of unanticipated events.
Additional Information In connection with the proposed merger,
Collins has prepared a proxy statement to be mailed to its
shareholders. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ
THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT
THE MERGER AND THE PARTIES TO THE MERGER. Investors and security
holders may obtain a free copy of the proxy statement from the
Investor Relations section of the Company's website at
http://www.collinsind.com/ . Collins and its directors, executive
officers and other members of its management and employees may be
deemed to be participants in the solicitation of proxies from its
shareholders in connection with the proposed merger. Information
concerning the interests of Collins' participants in the
solicitation, which may be different than those of Collins'
shareholders generally, is set forth in the proxy statement
relating to the merger. DATASOURCE: Collins Industries, Inc.
CONTACT: Cletus Glasener, Chief Financial Officer and Vice
President of Finance, of Collins Industries, +1-620-663-5551; or
Kim Marvin, Partner, of American Industrial Partners,
+1-212-627-2360, ext. 209 Web site: http://www.collinsind.com/
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