C&D Technologies, Inc. Announces Special Committee of Independent Directors
BLUE BELL, Pa., June 29, 2011 /PRNewswire/ -- C&D Technologies, Inc. (OTC: CHHP) announced that its Board of Directors has formed a special committee to review a proposal from Angelo, Gordon & Co., L.P. to acquire all of the outstanding shares of Common Stock of C&D Technologies not already owned by Angelo, Gordon & Co. for $9.50 per share. The special committee was formed on June 16, 2011, and is comprised of independent directors Kevin Dowd (Chairman) and Michael Gallagher. The special committee has been authorized to evaluate and review the Angelo, Gordon & Co. proposal, to negotiate the terms of the proposed transaction and to make a recommendation to the Board of Directors on behalf of the minority holders of Common Stock. The special committee is also authorized to consider other proposals and strategic alternatives which may be available to the Company.
The special committee has retained Perella Weinberg Partners LP to act as its financial advisor in reviewing the Angelo, Gordon & Co. proposal. The special committee also has retained the law firm of Potter Anderson & Corroon LLP to represent it and assist it in its review.
The Company cautions its shareholders and others considering trading in its securities that the proposal from Angelo, Gordon & Co. has not yet been evaluated. There can be no assurance that any definitive offer to acquire the Company will be made, or if made what the terms thereof will be, or that this or any other transaction will be approved or consummated.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for the switchgear and control (utility), telecommunications, and uninterruptible power supply (UPS), as well as emerging markets such as solar power. C&D Technologies engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit http://www.cdtechno.com/.
This press release contains forward-looking statements, which are based on management's current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. The Company's actual results could differ materially from those anticipated in forward-looking statements as a result of a variety of factors, including those discussed in "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended January 31, 2011. We caution you not to place undue reliance on these forward-looking statements.
CONTACT: Shareholder Contact: Ian J. Harvie of C&D: +1-215-619-7835