Today, Integrated Electrical Services Inc. (IES) announced completed acquisition of MISCOR Group Ltd. The latter is a provider of electrical and mechanical solutions to customers both in the US and abroad. The acquisition of MISCOR was part of the IES strategic plan to invest in companies that could meet their financial criteria. The acquisition allowed IES to accelerate the use of net operating loss carryforwards.
A special meeting was held last September 12, 2013 to approve the proposed merger of the two companies. 80.4% of MISCOR's shareholders voted in favor of the transaction. Meanwhile, 82.7% of IES shareholders voted to issue common stock to MISCOR shareholders in connection with the merger.
The deal was paid through a combination of cash and stock. IES issued around 2.8 million shares of common stock. The company paid about USD4.1 million in cash to MISCOR shareholders. The number of shares paid to MISCOR shareholders represented around 15.6% of the IES shares of common stock issued and outstanding immediately after the merger.
Join the Conversation