DALLAS, Aug. 14 /PRNewswire-FirstCall/ -- Peerless Mfg. Co. (Nasdaq: PMFG - News) today announced that, at a special meeting earlier today, its shareholders approved the previously announced holding company reorganization. In the reorganization, Peerless Mfg. Co., a Texas corporation will become a wholly owned subsidiary of PMFG, Inc., a Delaware corporation, and each existing shareholder of Peerless will become a stockholder of PMFG, Inc.The reorganization remains subject to certain conditions set forth in the merger agreement, dated January 10, 2008, by and among Peerless Mfg. Co., PMFG, Inc. and PMFG Merger Sub, Inc. The closing of the reorganization is presently expected to occur on August 15, 2008. We intend to issue a press release when the reorganization is completed. In the reorganization, each share of Peerless common stock will automatically be converted into two shares of PMFG common stock. Accordingly, the reorganization will have the same effect as a two-for-one stock split.
We expect that PMFG common stock will be listed on the Nasdaq Global Market and trade under the symbol "PMFG," the same symbol under which Peerless common stock is currently listed and traded. Following the reorganization, Peerless common stock will cease to trade.
About Peerless
Read More
