Laundry Facilities Co. Mac-Gray Rejects $250M Buyout Bid

Law360, New York (October 24, 2011, 7:45 PM EDT) -- The board of laundry facilities manager Mac-Gray Corp. has rejected an unsolicited $250 million buyout offer from private equity firm KP Capital LLC, finding the deal would not be in the best interest of shareholders, the target said Monday.

Mac-Gray, which provides laundry management services to residential complexes, said in a statement that its directors had unanimously rejected an unsolicited written proposal from New York-based KP Capital for $17.50 per share in cash.

Mac-Gray said the board evaluated the proposal made by KP Capital earlier this year, getting assistance from outside financial advisers...
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