Equity firms to buy Central Parking |
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Wed, 21 Feb 2007 16:05
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NASHVILLE, Tenn. (AP) - Parking service provider Central Parking Corp. said Wednesday it agreed to be bought out by private equity firms for $22.53 per share in cash, or $726.4 million.The price represents a 6.2 percent premium to CPC's closing price on Tuesday. It also marks a 30.8 percent premium to CPC's share price on Nov. 27, 2006, the last day before word of the proposal became public, CPC said.The company, which hired the Blackstone Group in November to review its strategic options, said its board approved the offer from affiliates of Kohlberg & Co. LLC, Lubert-Adler LP and Chrysalis Capital Partners LP.CPC's board is recommending shareholder approval of the buyout, expected to close in the second quarter. Founder and Chief Executive Monroe J. Carell, his family and related entities who are together the company's largest stockholder, agreed to vote for the deal.At the end of December CPC owned about 3,100 parking facilities, with about 1.5 million parking spaces, in North America, South America and Europe.The company reported sales of $281.7 million in its fiscal first quarter, which ended Dec. 31.Shares closed at $21.22 on the New York Stock Exchange Tuesday and gained 93 cents, or 4.4 percent, to $22.15 in premarket trading.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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