 Hirsch International Corp. announced the completion of its acquisition by Paul Gallagher, its President, Chief Executive Officer and Chief Operating Officer, and certain of his related parties in a going-private transaction.
Under the terms of the merger agreement for the going-private transaction, which was approved by Hirsch’s stockholders at a special meeting held on October 20, 2009, Hirsch stockholders (other than Mr. Gallagher, certain of his related parties, and stockholders that properly exercised their dissenter’ rights under Delaware law), are entitled to receive $0.31 in cash, without interest and less any applicable withholding taxes, for each share of common stock they owned immediately prior to the effective time of the merger. Hirsch expects that its Class A Common Stock will cease trading on the Nasdaq Capital Market at the close of trading and will also be delisted from such market.
Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of Hirsch common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.
|