CSC
ServiceWorks, Inc. ("CSC") and Mac-Gray Corporation TUC ("Mac-Gray" or
the "Company") today announced that they have entered into a definitive
agreement and plan of merger that provides for the merger of Mac-Gray with CSC
Fenway, Inc., a wholly-owned subsidiary of Spin Holdco Inc., which is a
wholly-owned subsidiary of CSC. Pursuant to the transaction, CSC will acquire
all of the outstanding common stock of Mac-Gray for $21.25 per share, payable
in cash, which represents a premium of 42% over the Company's closing stock
price on October 14, 2013. The aggregate value of the transaction is
approximately $524 million, taking into account Mac-Gray's outstanding stock
options, restricted stock units and net debt as of June 30, 2013. The
transaction has been unanimously approved by the Board of Directors of
Mac-Gray.
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