GTEC (Nasdaq: GTEC) issued a statement reporting the completion of the tender offer for its common stock by Ares Management LLC for $24.25 per share.
According to the firm, “on March 3, 2011, GTEC announced that it had entered into a definitive merger agreement with Sentinel Acquisition Corporation, an affiliate of Ares. On March 7, Sentinel commenced a cash tender offer to acquire GTEC’s outstanding shares of common stock at $24.25 per share net to the seller in cash, without interest and less any required withholding taxes. The tender offer expired at 11:59 p.m. on April 1, 2011, and Wells Fargo Securities, LLC, the depositary for the tender offer, has advised that, as of the expiration time, 8, 597, 927 shares of GTEC common stock (including approximately 80, 183 shares subject to guarantees of delivery) had been validly tendered and not properly withdrawn, representing approximately 93% of the outstanding shares of GTEC. All of these shares have been accepted for payment by Sentinel.”