Mod-Pac Receives Proposal from Top Executives to Acquire the Company
BUFFALO, NY—Oct. 29, 2012—Mod-Pac Corp., a high value-added, on-demand print services firm that designs and manufactures custom and stock folding cartons, has received a formal proposal from Daniel G. Keane, director, president and CEO, and Kevin T. Keane, chairman of the board, to acquire the company. Under this proposal, all stockholders would receive $7.20 in cash for each of their shares in a merger transaction.
Mod-Pac plans to form a special committee of its board of directors that will review and consider the proposal on behalf of the company. The committee will retain a legal advisor and an independent financial advisor to assist it in its consideration of the proposal.
No determination has been made as to whether the company will or should be sold, whether on the terms of the this proposal or otherwise, and there can be no assurance that Mod-Pac will accept any acquisition proposal or that any such proposal, if accepted, will result in the consummation of a transaction.
Mod-Pac Corp. is a leading designer and manufacturer of folding carton packaging employing high value added services and on demand delivery. It provides custom folding cartons for branded and private label consumer products in the food and food service, healthcare, medical and automotive industries. The company also offers a line of stock packaging primarily to the retail confectionary industry. Mod-Pac also has a personalized print product line that offers a comprehensive line of products for consumer and corporate social occasions.