Ford Financial Fund II LP said Monday that a subsidiary, EB Acquisition Company LLC, has extended the expiration date of its cash tender offer to buy up to 65 percent of Mechanics Bank’s outstanding shares at $26.832 a share. The purchase price is reportedly $265 million. The tender offer is scheduled to expire at midnight, New York City time, on March 31. Walnut Creek, California-based Mechanics Bank is a community bank with $3.4 billion in assets as of Dec. 31.
DALLAS–(BUSINESS WIRE)–Ford Financial Fund II, L.P. (“Ford Financial”) announced today that its wholly owned subsidiary, EB Acquisition Company LLC (the “Purchaser”), has extended the expiration date of its cash tender offer to acquire up to 65% of the outstanding shares of common stock of Mechanics Bank (the “Bank”) on a fully diluted basis, at a price of $26,832.00 per share, in cash, without interest and less any applicable withholding taxes, on the terms and subject to the conditions set forth in the Amended and Restated Offer to Purchase, dated December 15, 2014 (the “Offer to Purchase”).
The tender offer is now scheduled to expire at midnight, New York City time, on March 31, 2015, unless extended by the Purchaser (such date and time, as the same may be extended or earlier terminated, the “Expiration Time”). The tender offer was previously scheduled to expire at midnight, New York City time, on February 27, 2015.
As of the close of business on February 26, 2015, approximately 13,323 shares were tendered pursuant to the offer.
D.F. King & Co., Inc. is acting as the information agent for the tender offer. Requests for documents and questions regarding the tender offer may be directed to D.F. King & Co., Inc. at (877) 361-7972 (toll-free) or (212) 269-5550 (collect).
This press release is for information purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. The tender offer is being made solely pursuant to the Offer to Purchase and related letter of transmittal, which set forth the complete terms of the tender offer.
About Ford Financial
Ford Financial is a private equity fund with approximately $755 million in commitments that is focused on investments in financial services companies. Ford Financial’s Co-Managing Members, Gerald J. Ford and Carl B. Webb, possess a rare combination of investment skill, deep industry expertise and decades of operational experience. Ford Financial invests in a variety of opportunities, from healthy companies in need of growth equity to troubled banks that need to be recapitalized. Unlike most private equity funds, Ford Financial is structured and prepared to become a bank holding company under applicable banking regulations.
This press release contains forward-looking statements as defined by the federal securities law which are based on our current expectations and assumptions and which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, projected or implied, including, among other things, risks relating to the expected timing of the completion and financial benefits of the tender offer and definitive agreement. Neither Ford Financial nor the Bank undertakes any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.