www.Carpark-Fly.com: Central Parking Corporation (NYSE:CPC) today announced the completion of its previously announced merger with an affiliate of Kohlberg & Company, LLC, Lubert-Adler Partners, L.P., and Chrysalis Capital Partners, L.P.
The shareholders of Central Parking voted to approve the proposed merger agreement that the company entered into on February 20, 2007 at a special meeting held on May 21, 2007. Holders of approximately 28.4 million shares of Central Parking voted in favor of approving the merger agreement and the transactions contemplated thereby, representing approximately 88% of Central Parking's total outstanding voting shares and over 99% of the total votes cast. As a result of the transaction, each issued and outstanding share of Central Parking common stock was cancelled and converted automatically into the right to receive $22.53 in cash, without interest. Effective as of today, Central Parking's stock will no longer be listed for trading on the New York Stock Exchange and trading will be suspended prior to market open Wednesday, May 23, 2007. Shareholders of Central Parking who have stock certificates in their possession will receive instructions by mail from Computershare Shareholder Services, Inc., the paying agent, concerning how to forward their certificates for payment. Shareholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash as such conversions will be handled by the bank or broker.
Emanuel J. Eads, Central Parking's president and chief executive officer, said, "We are pleased with the overwhelming endorsement of this transaction by our shareholders. We look forward to working with our new owners and our management team to continue to provide the highest levels of customer service in the industry."
Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. As of March 31, 2007, the Company operated approximately 3,000 parking facilities containing approximately 1.4 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Peru, Spain, Switzerland and Greece.
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