Command Security Corporation (NYSE: MOC) saw a shake-up in its shares Wednesday, after the company agreed to be acquired by Prosegur for $2.85 per share.
The company, based in Herndon, Virginia, announced Wednesday, saw the transaction price represents a 50.0% premium to Command Security’s closing stock price as of September 18, and a 71.6% premium to the Company’s three-month average closing price.
Shareholders representing approximately 60.7% of the Company’s outstanding shares have agreed to support the proposed transaction.
CEO Craig Coy said, "This is the perfect match for Command Security and a great deal for our shareholders. We believe that this merger will enable us to grow into new businesses, add broader capabilities, and deploy new resources to meet and expand our current base of business.
"Prosegur’s management philosophy, commitment to excellence and worldwide experience and innovation match seamlessly with our strategic goals. Our entire management and operations team are excited by this new opportunity and vision for the future."
The Board of Directors unanimously supports this transaction with a strong endorsement for shareholder approval, which requires the affirmative vote of holders of two-thirds of the Company’s outstanding shares.
Prosegur is a Madrid-based, publicly traded multinational company with annual revenues of approximately $5 billion. It is a global leader in the private security sector, providing high value-added services for a diverse customer base in 24 countries on five continents.
Shares in MOC rocketed 88 cents, or 46.3%, at Wednesday’s open to $2.78
