Home Depot, U.S. Home Systems close merger transaction
Home Depot and U.S. Home Systems have announced the completion of the merger of USHS with an indirect wholly owned subsidiary of Home Depot. The merger was approved by the stockholders of USHS at a special meeting held on Oct. 26. As a result, USHS became an indirect wholly owned subsidiary of Home Depot.
Irving, Texas-based USHS is currently an exclusive provider of kitchen and bath refacing products and services, as well as closet and garage organizational systems to Home Depot.
"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann, senior VP Home Services, Home Depot.
"The USHS board of directors conducted a thorough review of the company's alternatives to enhance stockholder value, and we are pleased that this transaction appropriately recognizes the value of USHS' relationships and solutions, while providing our stockholders with an attractive cash premium for their investment," said Murray Gross, president, CEO and chairman, USHS.
As a result of the merger USHS' common stock ceased trading on the NASDAQ Global Market at market close on Oct. 26. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash; the conversions will be handled by the bank or broker. Stockholders who hold certificates can surrender their certificates for $12.50 per share in cash, without interest, through the paying agent for the merger, Wells Fargo Bank, N.A. Wells Fargo Bank, N.A will be sending out a letter of transmittal and instructions to registered stockholders in the next several days regarding specific actions they will need to take to surrender their shares for the merger consideration. USHS' stockholders of record should wait until they receive the letter of transmittal before surrendering their share certificates.