Chromcraft to buy Court Square stake
By Furniture Today Staff -- Furniture Today, January 27, 2002
DELPHI, Ind. — Furniture manufacturer Chromcraft Revington will buy all 5,695,418 shares of its common stock owned by Court Square Capital Ltd., a unit of Citigroup, for a total of $59.8 million or about $10.49 per share.
The company expects the purchase to close during the first quarter of this year. The shares owned by Court Square represent about 59.1% of the outstanding shares of Chromcraft Revington.
The proposed purchase would be set up so that 2 million of Court Square's shares would be bought by an employee stock ownership plan to be formed by Chromcraft Revington, with the remaining shares purchased directly by the company.
The purchase agreement is subject to approval by the board of directors of Chromcraft Revington and the trustee of the ESOP, the receipt of a fairness opinion acceptable to the board and trustee, the execution of a stock purchase agreement, and the company obtaining bank financing on acceptable terms.
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