Jacuzzi Brands, Inc. Stockholders Approve Merger with Apollo Management, L.P.
25 Januar 2007 - 10:35PM
Business Wire
Jacuzzi Brands, Inc. (NYSE: JJZ) today announced that at the
Company�s Annual Meeting of Stockholders held today, Jacuzzi Brands
stockholders approved the adoption of the merger agreement with
affiliates of Apollo Management, L.P. �We are pleased with the
outcome of today�s vote,� said Thomas B. Waldin, Chairman of
Jacuzzi Brands. �We believe that our merger with Apollo is the best
outcome for our stockholders, our employees and the future of
Jacuzzi Brands. On behalf of Jacuzzi Brands� Board of Directors, I
want to thank our stockholders and hard-working employees for their
support throughout this process. We look forward to completing this
transaction with Apollo as quickly as possible and we anticipate a
smooth transition.� Larry Berg of Apollo added, �We are very
excited about the transaction and look forward to a smooth
transition and working with the strong management team at Jacuzzi.�
The transaction is expected to close in early to mid-February 2007.
All required regulatory approvals for the merger have been
obtained, including early termination under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended. As previously
announced, on October 11, 2006, Jacuzzi Brands, Inc. and affiliates
of Apollo Management, L.P. entered into a definitive merger
agreement, pursuant to which Apollo would acquire all of the
outstanding common stock of Jacuzzi Brands for $12.50 per share in
cash and assume all outstanding debt, valuing the total transaction
at approximately $1.25 billion. About Jacuzzi Brands Jacuzzi
Brands, Inc., through its subsidiaries, is a global manufacturer
and distributor of branded bath and plumbing products for the
residential, commercial and institutional markets. These include
whirlpool baths, spas, showers, sanitary ware and bathtubs, as well
as professional grade drainage, water control, commercial faucets
and other plumbing products. Our products are marketed under our
portfolio of brand names, including JACUZZI�, SUNDANCE�, ZURN�, and
ASTRACAST�. Learn more at www.jacuzzibrands.com. Disclosure
Concerning Forward-Looking Statements Any forward-looking
statements made within this release, including Jacuzzi�s current
expectations with respect to the completion of the proposed
transaction, represent management�s best judgment as to what may
occur in the future and are intended to fall within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
�expects,� �intends,� �plans,� �projects,� �believes,� �estimates,�
�may,� �will,� �should,� �shall,� and similar expressions typically
identify such forward-looking statements. Even though Jacuzzi
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. In particular,
factors contained in Jacuzzi�s filings with the Securities and
Exchange Commission could cause our future expectations to differ
materially from those expressed in this press release.
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