Cleary Gottlieb is representing Citigroup Global Markets, as financial advisor to Tecumseh Products Company, in connection with its acquisition by an affiliate of Mueller Industries and Atlas Holdings. The acquisition is being effected as a cash tender offer followed by a second-step merger. The deal was signed on August 5, 2015, and is expected to close in the third quarter of 2015, subject to customary closing conditions. The Mueller Atlas affiliate will pay $5.00 per share for a total transaction value of approximately $123 million, including the assumption of net debt, and representing a 155% premium over the closing price the day before announcement.
Tecumseh is a global manufacturer of hermetically sealed compressors for residential and specialty air conditioning, household refrigerators and freezers and commercial refrigeration applications. Mueller Industries is a leading manufacturer of plumbing, HVAC, refrigeration and other industrial products. Atlas Holdings is a private equity firm engaged in a variety of industries, including aluminum processing, automotive, industrial services, packaging, power generation and supply chain management.