Maxim Crane Works to begin Dutch auction tender offer June 4

By Lisa Kerner

Charlotte, N.C., May 31 - Maxim Crane Works Holdings, Inc.'s board of directors approved the start of a Dutch auction tender offer on June 4. The company will purchase up to 2.5 million shares and share equivalents, or about 24.5% of its common stock, priced between $45.75 and $51.00 per share.

The offer expires at midnight ET on June 29, unless extended.

If more than 2.5 million shares are tendered, Maxim may purchase shares tendered at the highest accepted purchase price on a pro rata basis.

Maxim expects to fund the purchase from borrowings under a new credit facility to be entered into prior to the expiration of the tender offer, a company news release stated.

While the offer is not subject to a minimum number of shares being tendered, it is subject to placement of the new credit facility.

Certain directors and executive officers of the Pittsburgh-based crane rental company intend to tender a total of up to 133,713 shares.

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