Mity Enterprises (NASDAQ:MITY)
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From Jun 2019 to Jun 2024
MITY Enterprises, Inc. (“MITY”
or the “Company”)
(NASDAQ:MITY) announced that at a special meeting of shareholders held
today the Company’s shareholders approved the
proposed merger agreement providing for the merger of MITY with an
affiliate of Sorenson Capital Partners L.P. and Peterson Partners LP.
Based on preliminary voting results provided by the Inspector of
Elections, approximately 93% of the shares present and voting at the
meeting voted for the approval of the merger agreement. The number of
shares voting to approve the merger agreement represents approximately
77% of the total number of shares outstanding and entitled to vote.
Under the terms of the merger agreement, MITY shareholders will receive
$21.50 in cash, without interest, for each share of MITY common stock
they hold. The transaction is anticipated to close by July 16, 2007.
This would be in advance of the target closing date of August 2, 2007 as
defined in the merger agreement.
About MITY
Founded in 1987, MITY Enterprises, Inc. designs, manufactures and
markets innovative institutional furniture created to meet the
efficiency needs of its customers. MITY Enterprises focuses on providing
premium quality institutional furniture products to niche markets. The
product lines consist of multipurpose room furniture and healthcare
seating. MITY’s products are marketed under
the Mity-Lite, Broda and Versipanel tradenames. Headquartered in Utah,
MITY Enterprises serves national and international customers directly
and through distributors. For further information, visit MITY
Enterprises online at www.mityinc.com.
About Sorenson Capital
Sorenson Capital (www.sorensoncapital.com)
is a private equity fund that provides small- to middle-market buyout
and growth equity investments with a particular focus on opportunities
in selected states in the western U.S. Sorenson Capital is managed and
controlled by West Rim Capital; both are headquartered in Salt Lake
City, Utah with offices in Palo Alto, California and Phoenix, Arizona.
About Peterson Partners
Peterson Partners, based in Salt Lake City, is one of the Intermountain
West’s leading private equity firms.
Specializing in small to mid-sized companies, Peterson Partners has a
track record of success including investments in JetBlue, Making
Memories, EnergySolutions, Asurion, Instashred, Winder Farms, 3form and
Diamond Rental. Founded in 1995, Peterson Partners has over $300 million
under management through four funds. Press Contact: Jordan Clements
(801) 365-0180 or jordan@petersonpartnerslp.com.
Forward-Looking Statements
This press release contains forward-looking statements related to, among
other things, the completion of the Merger and the other transactions
contemplated by the Merger Agreement. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that forward-looking
statements inherently involve risks and uncertainties that could cause
actual results to differ materially from those contemplated in the
forward-looking statements. Such risks include, but are not limited to,
the ability of the parties to the Merger Agreement to satisfy the
conditions to closing specified in the Merger Agreement and other risks
and uncertainties outlined in the Company’s
documents filed with the Securities and Exchange Commission (SEC),
including the Company’s most recent annual
report on Form 10-K for the fiscal year ended March 31, 2006, and its
subsequent quarterly reports on Form 10-Q and current reports on Form
8-K as filed with the SEC. All forward-looking statements and other
information in this press release are based upon information available
as of the date of this release. Such information may change or become
invalid after the date of this release, and, by making these
forward-looking statements, the Company undertakes no obligation to
update these statements after the date of this release.