Habasit and Summa Announce Consummation of Merger
16 10월 2006 - 7:30PM
PR Newswire (US)
REINACH-BASEL, Switzerland and TORRANCE, Calif., Oct. 16
/PRNewswire-FirstCall/ -- Habasit Holding AG, a privately held
Swiss company, and Summa Industries (NASDAQ:SUMX) jointly announced
today that Habasit Holding USA, Inc., a wholly-owned subsidiary of
Habasit, has completed the final step in the previously reported
acquisition of Summa through the merger of Habasit Holding USA,
Inc. with Summa. As a result of the merger, Summa is now a
wholly-owned subsidiary of Habasit and will operate under the name
Habasit Holding USA, Inc. The merger followed the
recently-completed tender offer by Habasit Holding USA, Inc. At the
time of the merger, Habasit Holding USA, Inc. owned over 90% of the
outstanding shares of common stock of Summa. In the merger, each
share of Summa's outstanding common stock was cancelled and (except
for shares held by Habasit, its subsidiaries or stockholders
properly exercising statutory appraisal rights under Delaware law)
converted into the right to receive $15.00 per share in cash (the
price paid in the tender offer), without interest and subject to
required withholding for taxes. Trading of Summa's common stock on
the Nasdaq Global Market has been suspended. Information will be
mailed to former Summa stockholders who did not tender their shares
into the offer explaining the steps to be taken to obtain the
merger consideration or exercise statutory appraisal rights under
Delaware law. Habasit Holding AG is a leading global producer of
high quality conveyor belts and power transmission belts. Habasit's
U.S. headquarters are located in Suwanee, Georgia. For more
information regarding Habasit, visit the company's website at
http://www.habasit.com/. Summa Industries manufactures proprietary
plastic components for industrial and commercial markets. For more
information regarding Summa, visit the company's website at
http://www.summaindustries.com/. James Swartwout 310-792-7024
DATASOURCE: Habasit Holding AG; Summa Industries CONTACT: James
Swartwout of Summa Industries, +1-310-792-7024 Web site:
http://www.habasit.com/ http://www.summaindustries.com/
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