Harris expects to complete the acquisition of CSWI promptly through a short-form merger of a wholly?
In the merger, each outstanding CSWI share not tendered and purchased in the offer (other than those as to which holders properly exercise dissenters rights, if any) will be converted into the right to receive the same $1.
The acquisition, which will be completed pursuant to a cash tender offer for all of CSWI s common and preferred stock followed by a second step merger, has been unanimously approved by the boards of directors of Constellation, Harris and CSWI.
CSWI is engaged in the development and sale of internally developed software and the sale and distribution of computers and network and communications hardware, as well as interactive collaborative classroom technologies.
Jeff Bender, Chief Executive Officer of Harris, stated: We welcome the employees and customers of CSWI to the Harris family.
By combining the scale and operational excellence of Harris with the market position and software and technology solutions of CSWI we can look forward to building on CSWI s reputation and commitment to outstanding quality, performance and innovation.
Once the deal closes, CSWI will become a fully-owned unit of N Harris.
Easley, South Carolina-based CSWI develops software applications and provides hardware and software based technology solutions primarily in the southeastern region of the US.
That an increase in leverage at CSWI or any intermediate holding company, including SEEBOARD may have a detrimental effect on CSWE.
A guarantee from CSWI, which derives its credit strength from subsidiary SEEBOARD, the U.
Implied support from the ultimate parent company, which will continue to lend funds to both CSWE and CSWI to finance the start-up phase of projects or provide bridge financing on smaller acquisitions;
CSWE lent the entire proceeds from the note issuance to CSWI in order for it to make an $80 million equity investment in Vale, which owns distribution assets in Brazil and a $113 million investment in a generation company located in Chile.