Total Logistics, Inc. Announces Agreement to be Acquired for $28.50 Per Share
05 Januar 2005 - 2:45AM
PR Newswire (US)
Total Logistics, Inc. Announces Agreement to be Acquired for $28.50
Per Share MILWAUKEE, Jan. 4 /PRNewswire-FirstCall/ -- Total
Logistics, Inc. (NASDAQ:TLCX) announced today that its Board of
Directors approved and the Company executed a definitive Agreement
and Plan of Merger with SUPERVALU INC. (NYSE:SVU) to be acquired by
SUPERVALU at an acquisition price of $28.50 per share in cash. The
Board of Directors of Total Logistics, Inc. unanimously approved
the offer and recommends shareholder acceptance. The transaction
has a total value of approximately $233 million including
assumption of debt and transaction expenses. William T. Donovan,
Total Logistics, Inc.'s President & CEO, commented, "We are
extremely pleased to be combining our companies with SUPERVALU.
This is a unique and strategic combination which will provide a
great platform for future business development and profitable
growth. This acquisition resulted from an unsolicited expression of
interest by SUPERVALU, which recognized the strategic benefits that
both Total Logistic Control and Zero Zone would bring to its
business. We are most pleased that this transaction will provide
continuity of employment for our management teams and associates,
as well as a full commitment to continued high service and product
quality for our customers." Commenting further, Mr. Donovan said,
"We are very proud of the successful development of both Total
Logistic Control and Zero Zone under our ownership. We believe both
of these companies have developed noteworthy leadership positions
in their industries and a high growth culture, both of which will
serve them well in the years ahead." Jeff Noddle, Chairman and CEO
of SUPERVALU, stated, "We have been looking for the right partner
to obtain critical mass and solidify our commitment to third-party
logistics and we have found the perfect fit in Total Logistics,
Inc. This company has an impressive position in third-party
logistics with its proven management team, a blue-chip customer
base and a full suite of integrated service solutions. The
combination of SUPERVALU's scale and supply chain competence
together with Total Logistics, Inc. and its nationally recognized
reputation in third-party logistics will unlock new growth
opportunities." William Blair & Co. served as financial advisor
to Total Logistics, Inc. in this transaction. Under the terms of
the agreement, a subsidiary of SUPERVALU will commence a cash
tender offer on or before January 11, 2005 to acquire all of the
outstanding shares of common stock of Total Logistics, Inc. The
tender offer will be subject to at least seventy-five percent of
the outstanding shares of Total Logistics being validly tendered
and not withdrawn. Closing of the acquisition is subject to
approval of the Federal Trade Commission under the
Hart-Scott-Rodino Antitrust Improvements Act and other customary
conditions. Any shares not acquired in the tender offer will be
acquired at $28.50 per share in cash in a subsequent merger. The
tender offer for the outstanding shares of Total Logistics, Inc.
common stock described in this announcement has not yet commenced.
At the time that a subsidiary of SUPERVALU INC. commences its
offer, it will file with the U.S. Securities and Exchange
Commission (the "SEC") a tender offer statement, and Total
Logistics, Inc. will file with the SEC a
solicitation/recommendation statement with respect to the tender
offer. Shareholders should read the tender offer statement and the
solicitation/recommendation statement when they become available
because they will contain important information. Investors can get
the tender offer statement (including an offer to purchase, a
related letter of transmittal and other offer documents), the
solicitation/recommendation statement and other filed documents for
free at the SEC's website at http://www.sec.gov/. The offer to
purchase, related letter of transmittal and certain other offer
documents, as well as the solicitation/recommendation statement,
will be made available to shareholders of Total Logistics, Inc. at
no expense to them. Total Logistics, Inc. is a Milwaukee-based
public company operating through two wholly-owned businesses, Total
Logistic Control and Zero Zone. Total Logistics, Inc. is
headquartered at 700 North Water Street, Suite 1200, Milwaukee, WI
53202. This and other Total Logistics, Inc. news releases and
additional corporate data can be found at
http://www.totallogisticsinc.com/. Total Logistic Control TLC,
based in Zeeland, Michigan, is a national provider of integrated
logistic services which include refrigerated and dry warehousing,
transportation operations, supply chain management, dedicated
third-party facility and operations management, food distribution,
bottling and packaging and fulfillment services. TLC provides
end-to-end supply chain services to a number of major U.S. food and
consumer product companies. Operations are conducted through a
national network of more than 30 logistic centers with 57.2 million
cubic feet of refrigerated capacity and over 3.2 million square
feet of dry warehouse space making it the tenth largest provider of
refrigerated warehousing services in the United States. TLC
operates a fleet of over 435 tractors with over 825 refrigerated
and dry trailers with 5 maintenance facilities. TLC was recently
cited by Inbound Logistics as a Top 10 Provider of Third Party
Logistics Excellence for the seventh year in a row. TLC is a
wholly-owned subsidiary of Total Logistics, Inc. More information
about TLC is available at http://www.totallogistic.com/. Zero Zone
Zero Zone, headquartered in North Prairie, Wisconsin is a
manufacturer of high quality refrigerated and freezer display cases
used in grocery, convenience, dollar and drug store chains for
retail merchandising of food, beverage and floral products as well
as refrigeration houses and racks to power and control the
refrigeration systems, electrical panels, and stand-by power for
both retail and industrial applications. Zero Zone is a
wholly-owned subsidiary of Total Logistics, Inc. More information
about Zero Zone is available at http://www.zero-zone.com/. This
press release contains forward-looking statements, including
expectations for future performance arising from the acquisition by
and combination of Total Logistics, Inc. with SUPERVALU INC. These
forward-looking statements reflect current expectations only, and
Total Logistics, Inc. expressly disclaims any obligation to update
such statements. There can be no assurance that actual results will
not differ materially from those expressed or implied by these
statements due to various risks and uncertainties, including the
possible inability to complete the acquisition by SUPERVALU INC.,
the risks and uncertainties associated with successfully
integrating the two companies, the ability to retain key personnel
and other factors described in Total Logistic, Inc.'s current
Annual Report on Form 10-K on file with the SEC. DATASOURCE: Total
Logistics, Inc. CONTACT: William T. Donovan, President and CEO
Total Logistics, Inc., +1-414-291-9000 Web Site:
http://www.totallogistic.com/ http://www.zero-zone.com/
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