Pinkerton deal completed - 99.3 percent acceptance
Securitas AB announced today that its wholly owned subsidiary, Securitas Acquisition Corp., has accepted for payment approximately 12,157,300 shares of common stock of Pinkerton's Inc. (NYSE:PKY), representing approximately 99.3 percent of the outstanding shares of Pinkerton's Inc. (including approximately 99,000 tendered by means of guaranteed delivery), at $29.00 per share in cash in accordance with its tender offer for all outstanding shares of Pinkerton's Inc. Approximately 89,300 shares of Pinkerton's Inc were not tendered and remain outstanding. The tender offer expired at 12:00 midnight, New York City time on Thursday, March 25, 1999.
Securitas AB intends to promptly merge Securitas Acquisition Corp. with and into Pinkerton's Inc. in accordance with Delaware's short form merger provisions. As a result of the merger, Pinkerton's Inc. will become an indirect, wholly owned subsidiary of Securitas AB and each remaining outstanding share of Pinkerton's Inc. will be converted, subject to appraisal rights, into the right to receive $29.00 in cash, without interest.
Pinkerton's Inc. is the second largest operator in the U.S. guard services industry and has 250 offices and 48,000 employees throughout the United States, Canada, Mexico, Europe and Asia. Pinkerton's Inc. has about 5,000 clients to which it offers guard services, alarm installation and monitoring and security consulting and investigation services.
Securitas AB is the leading European Security Company and operates in sixteen European countries. Annual sales in 1998 amounted to SEK 13.7 billion (US$ 1.8 billion). Securitas AB has more than 65,000 employees. France, Germany and Sweden are its largest countries of operation.