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Angelica Sale Clears Antitrust Review; Shareholders Up Next

Bruce Beggs |

WASHINGTON — Federal antitrust regulators have cleared the sale of textile rental and healthcare linen management services provider Angelica Corp. to a Lehman Brothers affiliate for $22 per share in cash.
The Federal Trade Commission (FTC) granted “early termination” of its antitrust review of the deal on June 20. Such a request is granted only after compliance with the rules and if both the FTC and the Department of Justice Antitrust Division have completed their review and determined not to take any enforcement action during the waiting period, according to the FTC.
Meanwhile, Angelica has called a July 29 special meeting of its shareholders at a Chesterfield, Mo., hotel “to consider and vote on the proposal to adopt the previously disclosed definitive merger agreement between Angelica and a company formed by Lehman Brothers Merchant Banking Partners IV L.P. to acquire Angelica for $22 per share in cash.”
Shareholders of record as of the close of business today, June 30, will be entitled to receive notice of, and to vote at, the special meeting.
The deal valued at approximately $210 million is expected to close in late summer. Following completion, Angelica’s stock will be de-listed and no longer traded publicly.
 

About the author

Bruce Beggs

American Trade Magazines LLC

Editorial Director, American Trade Magazines LLC

Bruce Beggs is editorial director of American Trade Magazines LLC, including American Coin-Op, American Drycleaner and American Laundry News. He was the editor of American Laundry News from November 1999 to May 2011. Beggs has worked as a newspaper reporter/editor and magazine editor since graduating from Kansas State University in 1986 with a bachelor’s degree in journalism and mass communications. He and his wife, Sandy, have two children.

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