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Massey Withdraws Offer to Acquire Sunair Services

Posted By Potomac Company On January 27, 2009 @ 12:59 pm In Articles, Pest Control, Press Center | No Comments

The Board of Directors of Massey Services is tired of waiting around and finally withdrew the offer on Sunair Services after Sunair announced its intent to pursue a formal sale process. Here is a copy of the withdrawal letter:

January 23, 2009

Board of Directors of Sunair Services Corporation
c/o Mr. John H. Hill, Jr.
Senior Managing Director
Hyde Park Capital Partners, LLC
701 North Franklin Street
Tampa, FL 33602
c/o Stephen K. Roddenberry, Esq.
Akerman Senterfitt
One Southeast Third Avenue, 25th Floor
Miami, FL 33131-1714

Gentlemen:

On behalf of Massey Services, Inc. (“Massey”), we submit this letter to the Board of Directors of Sunair Services Corporation (the “Board of Directors.”) The purpose of this letter is to notify the Board of Directors that our non-binding offer to acquire 100% of the common stock of Sunair Services Corporation (“Sunair”) is being withdrawn.

Our January 15, 2009 letter to the Board of Directors stated that in the event the Board of Directors did not agree to negotiate definitive agreements based upon the terms of our offer, our offer would be withdrawn on January 26, 2009. The Board of Directors and its representatives have communicated to us that instead of proceeding to negotiate definitive agreements with Massey, the Board of Directors has now chosen, months after our initial offer, to begin an alternative sale process. As a result of this response and Sunair’s further delay, Massey is hereby withdrawing its offer.

Sincerely,

MASSEY SERVICES, INC.

By: /s/ Gwyn A. Elias
Gwyn A. Elias
Senior Vice President,
Chief Financial Officer

Related Reading:
[1] Buying a Pest Control Business
[2] Rentokil / Ehrlich Acquires Mountain Pest Control
[3] Selling Without Selling Out: An Interview with Waud Capital Partners
[4] Sunair Services and George Costanza: Negotiating Hard for Less Money
[5] Orkin Acquires Precision Pest Control and Bob’s Termite and Pest Services
[6] Massey Acquires Sunair… We’ll Know by Monday
[7] Orkin Acquires Crane Pest Control
[8] Terminix Acquires 19 Pest Control Companies in First Six Months of 2008
[9] Ehrlich/Rentokil Acquires Shamrock Pest Management
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[12] Rollins Acquires HomeTeam Pest Defense for $137 Million
[13] The Rollins / HomeTeam Purchase Agreement
[14] Copesan Announces the Addition of Two New Partners
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[16] Potomac Announces Acquisition of Brazilian Pest Control Company
[17] Losing $75K in 7 Seconds: Purchase Price Allocation 101
[18] The Texas Pest Control Association Announced 2008 Election Results
[19] Killing You Softly, Part 1 – Your Pricing
[20] ISS Expanding Into Pest Control in Mexico
[21] Paul Giannamore to Address the Texas Pest Control Association Convention
[22] Sunair: Exterminating Value?
[23] Extortion at Closing
[24] Pest Control Acquisitions and Business Valuation for Pest Control Companies: Potomac Introduces the Potomac Pest Control Weekly
[25] Orkin Acquires General Pest Control
[26] Orkin Acquires Three New Pest Control Companies Across U.S.
[27] Paul Giannamore to Speak at PCT M&A Seminar
[28] Orkin / Western Acquires JRG Pest Control
[29] Consolidation Continues in the Pest Control Industry
[30] Kotler Pest & Termite Control Acquired by Terminix
[31] Wind Point Partners Provides Acquisition Capital to Wilson Pest Control

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Article printed from The Potomac Company - Mergers & Acquisitions, Valuations and Corporate Development: http://www.potomaccompany.com

URL to article: http://www.potomaccompany.com/2009/01/27/massey-withdraws-offer-to-acquire-sunair-services/

URLs in this post:
[1] Buying a Pest Control Business: http://www.potomaccompany.com/2010/08/13/buying-a-pest-control-business/
[2] Rentokil / Ehrlich Acquires Mountain Pest Control: http://www.potomaccompany.com/2010/02/01/rentokil-ehrlich-acquires-mountain-pest-control/
[3] Selling Without Selling Out: An Interview with Waud Capital Partners: http://www.potomaccompany.com/2009/10/25/selling-without-selling-out-an-interview-with-waud-capital-
partners/

[4] Sunair Services and George Costanza: Negotiating Hard for Less Money: http://www.potomaccompany.com/2009/10/12/sunair-services-and-george-constanza-negotiating-hard-for-l
ess-money/

[5] Orkin Acquires Precision Pest Control and Bob’s Termite and Pest Services: http://www.potomaccompany.com/2009/02/04/orkin-acquires-precision-pest-control-and-bob%E2%80%99s-ter
mite-and-pest-services/

[6] Massey Acquires Sunair… We’ll Know by Monday: http://www.potomaccompany.com/2009/01/21/massey-acquires-sunair-well-know-by-monday/
[7] Orkin Acquires Crane Pest Control: http://www.potomaccompany.com/2009/01/06/orkin-acquires-crane-pest-control/
[8] Terminix Acquires 19 Pest Control Companies in First Six Months of 2008: http://www.potomaccompany.com/2008/12/01/terminix-acquires-19-pest-control-companies-in-first-six-mo
nths-of-2008/

[9] Ehrlich/Rentokil Acquires Shamrock Pest Management: http://www.potomaccompany.com/2008/08/09/ehrlichrentokil-acquires-shamrock-pest-management/
[10] Orkin Announces Acquisition of Five Pest Control Companies: http://www.potomaccompany.com/2008/05/13/orkin-announces-acquisition-of-five-pest-control-companies/
[11] The Orkin / HomeTeam Deal: A Closer Look at the Numbers: http://www.potomaccompany.com/2008/04/22/the-orkin-hometeam-deal-a-closer-look-at-the-numbers/
[12] Rollins Acquires HomeTeam Pest Defense for $137 Million: http://www.potomaccompany.com/2008/03/31/rollins-acquires-hometeam-pest-defense-for-137-million/
[13] The Rollins / HomeTeam Purchase Agreement: http://www.potomaccompany.com/2008/04/16/the-rollins-hometeam-purchase-agreement/
[14] Copesan Announces the Addition of Two New Partners: http://www.potomaccompany.com/2008/03/27/copesan-announces-the-addition-of-two-new-partners/
[15] Copesan Initiates Disengagement With J.C. Ehrlich/Rentokil and Presto-X: http://www.potomaccompany.com/2008/01/15/copesan-initiates-disengagement-with-jc-ehrlichrentokil-and
-presto-x/

[16] Potomac Announces Acquisition of Brazilian Pest Control Company: http://www.potomaccompany.com/2007/12/11/potomac-announces-acquisition-of-brazilian-pest-control-com
pany/

[17] Losing $75K in 7 Seconds: Purchase Price Allocation 101: http://www.potomaccompany.com/2007/11/19/losing-75k-in-7-seconds-purchase-price-allocation-101/
[18] The Texas Pest Control Association Announced 2008 Election Results: http://www.potomaccompany.com/2007/11/19/the-texas-pest-control-association-announced-2008-election-
results/

[19] Killing You Softly, Part 1 – Your Pricing: http://www.potomaccompany.com/2007/11/15/killing-you-softly-part-1-%E2%80%93-your-pricing/
[20] ISS Expanding Into Pest Control in Mexico: http://www.potomaccompany.com/2007/11/11/iss-expanding-into-pest-control-in-mexico/
[21] Paul Giannamore to Address the Texas Pest Control Association Convention: http://www.potomaccompany.com/2007/11/09/paul-giannamore-to-address-the-texas-pest-control-associati
on-convention/

[22] Sunair: Exterminating Value?: http://www.potomaccompany.com/2007/10/18/sunair-exterminating-value/
[23] Extortion at Closing: http://www.potomaccompany.com/2007/10/16/extortion-at-closing/
[24] Pest Control Acquisitions and Business Valuation for Pest Control Companies: Potomac Introduces the Potomac Pest Control Weekly: http://www.potomaccompany.com/2007/05/07/potomac-introduces-the-potomac-pest-control-weekly/
[25] Orkin Acquires General Pest Control: http://www.potomaccompany.com/2007/02/01/orkin-acquires-general-pest-control/
[26] Orkin Acquires Three New Pest Control Companies Across U.S.: http://www.potomaccompany.com/2007/01/10/orkin-acquires-three-new-pest-control-companies-across-us/
[27] Paul Giannamore to Speak at PCT M&A Seminar: http://www.potomaccompany.com/2006/12/06/managing-director-paul-giannamore-to-speak-at-pct-ma-semina
r/

[28] Orkin / Western Acquires JRG Pest Control: http://www.potomaccompany.com/2006/12/01/orkin-western-acquires-jrg-pest-control/
[29] Consolidation Continues in the Pest Control Industry: http://www.potomaccompany.com/2006/04/02/consolidation-continues-in-the-pest-control-industry/
[30] Kotler Pest & Termite Control Acquired by Terminix: http://www.potomaccompany.com/2004/10/16/kotler-pest-termite-control-acquired-by-terminix/
[31] Wind Point Partners Provides Acquisition Capital to Wilson Pest Control: http://www.potomaccompany.com/1998/07/28/wind-point-partners-provides-acquisition-capital-to-wilson-
pest-control/

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