MINNEAPOLIS, July 30 /PRNewswire-FirstCall/ -- Milastar Corporation (BULLETIN BOARD: MILAA) announced today that it has completed the previously announced going private transaction and has filed a Form 15 with the Securities and Exchange Commission to deregister its stock.
At the special meeting on July 30, 2007 the Company's shareholders approved the going private transaction, which was accomplished by a merger of Milastar with Acquisition Corporation, a wholly owned subsidiary of Easton Southpaw Incorporated, which is owned by Dennis J. Stevermer, the Chief Executive Officer and Chairman of the Board of Milastar, and the beneficial owner of approximately 68% of the issued and outstanding common stock of Milastar.
As a result of the merger the Company's minority shareholders will receive $3.50 per share in cash for their shares. The funds to make such payments have been deposited with American Stock Transfer, which will act as the Paying Agent. Stockholders will receive instructions on how to surrender their shares of Milastar common stock in order to receive the merger consideration with the next few days.
About Milastar Corporation
Milastar Corporation is a Minneapolis-based company that sells special metallurgical services to manufacturers primarily located in the greater midwest region.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 21E of the Exchange Act, and are subject to the safe harbors created thereby. The forward-looking statements contained in this release are based upon various assumptions, and certain risks and uncertainties could cause actual results to differ materially from those stated. For further details and a discussion of these risks and uncertainties, see the Company's filings under the Exchange Act, including its most recent Form 10-KSB for the fiscal year ended April 30, 2006.
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