Corbett Technology Solutions, Inc. Announces Successful Completion of Tender Offer for AFA Protective Systems, Inc.
CHANTILLY, Va., Oct. 29, 2021 /PRNewswire/ -- Corbett Technology Solutions, Inc. ("CTSI"), a portfolio company of Wind Point Partners, announced that APS Acquisitionco, Inc. ("APS"), an affiliate of CTSI, has accepted for payment all shares of common stock of AFA Protective Systems, Inc. (OTCMKTS: AFAP) (the "Company") that were validly tendered as of the expiration of its tender offer to acquire all outstanding shares of common stock of the Company at a purchase price of $743.50 per share, net to the seller in cash, without interest, and less any applicable withholding taxes. The tender offer expired one minute after 11:59pm, eastern standard time, on Tuesday, October 26, 2021.
The depositary for the tender offer advised that, as of the offer's expiration, shares of common stock of the Company which represent approximately 99.17% of the outstanding shares of the Company had been validly tendered and not withdrawn in the tender offer. All such tendered shares have been accepted for payment in accordance with the terms of the tender offer.
On September 14, 2021, CTSI announced that it had signed a definitive merger agreement pursuant to which a tender offer would be made. Pursuant to the merger agreement, APS was merged today with and into the Company, with the Company the surviving corporation and a direct wholly-owned subsidiary of CTSI. In connection with the completion of the merger, all outstanding shares of common stock of the Company are being canceled and converted into the right to receive cash equal to the $743.50 offer price per share. In addition, in connection with the completion of the merger, the common stock of the Company will cease to be traded on OTCMKTS.
About Corbett Technology Solutions, Inc.
For over five decades, CTSI has been at the forefront of technology integration and innovation with critical communications, collaboration, audiovisual, fire, and security solutions for enterprise, government, healthcare and education customers. We deliver best-in-class solutions and services with highly trained, lean-certified user experience practitioners, programmers, technicians, engineers and customer care representatives. CTSI delivers unmatched design, installation, integration, managed and subscription services that deliver high-quality, end-to-end results tailored to customers' unique needs and challenges.
Additional information about CTSI is available at www.ctsi-usa.com
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