An investigation on behalf of investors of Mac-Gray Corporation (NYSE:TUC) in connection with the proposed takeover was announced and NYSE:TUC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/21/2013 -- An investigation on behalf of investors, who currently hold shares of Mac-Gray Corporation (NYSE:TUC) shares, was announced concerning whether the takeover of Mac-Gray Corporation by CSC ServiceWorks, Inc. for $21.25 per share is unfair to NYSE:TUC stockholders.
Investors who purchased shares of the Mac-Gray Corporation (NYSE:TUC) and currently hold any of those NYSE:TUC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Mac-Gray Corporation breached their fiduciary duties owed to NYSE:TUC investors in connection with the proposed acquisition.
On October 15, 2013, CSC ServiceWorks, Inc. and Mac-Gray Corporation announced that they have entered into an agreement and plan of merger that provides for the merger of Mac-Gray Corporation with CSC Fenway, Inc., a wholly-owned subsidiary of Spin Holdco Inc., which is a wholly-owned subsidiary of CSC ServiceWorks, Inc. Pursuant to the transaction, CSC ServiceWorks, Inc will acquire all of the outstanding common stock of Mac-Gray Corporation for $21.25 per share, payable in cash.
However, the investigation concerns whether the $21.25-offer is unfair to NYSE:TUC stockholders. More specifically, the investigation concerns whether the Mac-Gray Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Mac-Gray Corporation reported that its annual Total Revenue rose from $320.01 million in 2010 to $322.12 million in 2012 and that its respective Net Income increased from $2.58 million to $4.31 million.
On Oct. 18, 2013, NYSE:TUC shares closed at $21.09 per share.
Those who are current investors in Mac-Gray Corporation and purchased their Mac-Gray shares prior to the announcement have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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