Maxim Crane Works announces tender offer results, sets meeting date

By Lisa Kerner

Charlotte, N.C. July 26 - Maxim Crane Works Holdings, Inc. said a total of 3,516,936 shares of common stock and 384,083 share equivalents were properly tendered and not withdrawn, at per-share prices between $48.75 and $54.00, in its Dutch auction tender offer ended July 20.

All shares and share equivalents tendered at less than $54.00 will not be subject to proration, according to a company news release. Shares and share equivalents tendered at $54.00, excluding the odd lot shares tendered at that price, will be subject to a proration factor of about 42%.

The dealer manager for the tender offer is Goldman, Sachs & Co., and the information agent is D.F. King & Co., Inc. The depositary is American Stock Transfer & Trust Co.

Maxim will hold its 2007 annual meeting of stockholders on Sept. 11 at a time and place to be disclosed in a separate mailing to shareholders. The record date for the meeting is Aug. 15.

As previously announced, Maxim began its tender offer on June 4 with plans to 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 was extended from its original closing date of June 29 and amended to stock priced no greater than $54.00 and no less than $48.75 per share.

To fund the offer, the Bridgeville, Pa.-based crane rental company settled a $390 million senior secured credit agreement consisting of a $340 million term loan facility and a $50 million revolving credit facility.

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