Reading PA-based Penske Truck Leasing Co has successfully completed its tender offer for the outstanding shares of common stock of Delaware-based Rollins Truck Leasing Corp.
Rollins shareholders validly tendered about 54,982,000 shares - or 94.8% of outstanding shares - of Rollins, which have been accepted for payment at a price of $13 per share in cash. In addition, Penske received notices of guaranteed delivery with respect to some 915,000 shares - about 1.6% of outstanding shares - that have not yet been validly tendered.
Under terms of the tender offer, shares of common stock listed in a notice of guaranteed delivery must be validly tendered within three trading days after delivery of the notice in order for Penske to accept the shares for payment, the company said. Penske intends to complete the transaction by acquiring the remaining outstanding shares of common stock of Rollins through a merger.
Penske will merge its fleet of 144,000 heavy-, medium-, and light-duty trucks and network of 750 locations worldwide with Rollins' 53,000 vehicle fleet and 270 US and Canadian locations.
