Watsco acquires ACR Group

By Lisa Kerner

Charlotte, N.C., Aug. 10 - Watsco, Inc. completed its acquisition of ACR Group, Inc. through a cash tender offer and a short-form merger of Coconut Grove Holdings, Inc., a wholly owned subsidiary of Watsco, with and into ACR.

The companies announced their agreement on July 5.

All outstanding shares of ACR common stock not validly tendered in the tender offer were converted into the right to receive $6.75 per share, a company news release stated.

Watsco had extended its $6.75-per-share tender offer for ACR by a matter of hours on Aug. 3. As previously reported, the offer was conditioned on Watsco's receipt of at least 66 2/3% of the outstanding shares. ACR executive officers and their affiliates agreed to tender their shares, which are about 26% of the company's outstanding stock.

Coconut Grove, Fla.-based Watsco distributes equipment and supplies for air conditioning, heating and refrigeration.

ACR is a Houston-based distributor of air conditioning and heating products.

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