Heritage-Crystal Clean, Inc. Announces Expiration Of "Go-Shop" Period Contained In Previously Announced Merger Agreement
Portfolio Pulse from Happy Mohamed
Heritage-Crystal Clean, Inc. (NASDAQ:HCCI) has announced the expiration of the 35-day 'go-shop' period, during which no competing acquisition proposals were received. The company is set to be acquired by an investment affiliate of J.F. Lehman & Company for $45.50 per share in cash, or approximately $1.2 billion. The transaction is expected to close in Q4 2023, subject to approval by Crystal Clean stockholders and the expiration of the HSR Antitrust Improvements Act waiting period. Post-acquisition, Crystal Clean will become a privately held company and its shares will no longer be listed on the Nasdaq Stock Exchange.
August 24, 2023 | 12:37 pm
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Heritage-Crystal Clean is set to be acquired by J.F. Lehman & Company for $1.2 billion. The transaction is expected to close in Q4 2023, after which HCCI will become a privately held company and delist from Nasdaq.
The news of the acquisition and subsequent delisting from Nasdaq is directly relevant to HCCI and its shareholders. The lack of competing bids during the 'go-shop' period solidifies the acquisition by J.F. Lehman & Company. This will likely lead to a short-term increase in stock price as shareholders look to sell before the company goes private, but ultimately the stock will cease to exist on the public market.
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