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World Energy Solutions Announces Expiration of the 'Go-Shop' Period
World Energy Solutions, Inc., an energy management technology and services firm, today announced the expiration of the "go-shop" period pursuant to the terms of the previously announced merger agreement dated November 4, 2014, which provides for the acquisition of the company by EnerNOC, Inc.
Under the agreement, the company was permitted to solicit alternative acquisition proposals from third parties until 11:59 p.m. (Boston, Massachusetts time) on December 29, 2014.
The Board of Directors of the company has maintained its recommendation as follows: (i) the Board unanimously determined that the merger agreement with EnerNOC and the transactions contemplated thereby, including the offer by EnerNOC and the merger with and into a subsidiary of EnerNOC, are fair to, and in the best interests of, the company and the company’s stockholders, (ii) the Board approved and declared advisable the merger and the transactions contemplated by the merger agreement, including the offer and the merger and (iii) the Board recommends that company stockholders accept EnerNOC’s offer and tender their shares of company common stock pursuant to such offer.
The company did not receive any alternative acquisition proposals from third parties during the go-shop period. The EnerNOC proposal to acquire the company is for $5.50 per share and the assumption of debt, for a total transaction value of approximately $76 million in cash.
The transaction is expected to close on January 5, 2015, subject to customary closing conditions and any extensions of the offer. Following completion of the transaction, the company will become a wholly owned subsidiary of EnerNOC, Inc. and its stock will no longer trade on the NASDAQ Global Market.
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December 30, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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