PENSKE TRUCK LEASING TO ACQUIRE ROLLINS TRUCK LEASING.Reading -- Penske Truck Leasing Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation and General Electric. A global transportation services provider, Penske operates over 216,000 vehicles and serves customers from more than 1,000 locations in North America, South Co., LP, based in Reading, Pa. has agreed to acquire Rollins Truck Leasing Corp. (NYSE NYSE
See: New York Stock Exchange : RLC RLC Residual lung capacity ), based in Wilmington, Del. The acquisition will be made in a cash tender offer of $13 for each outstanding share of Rollins' common stock. The purchase price for the shares is approximately $754 million. The Rollins board of directors has unanimously approved the agreement.
"We are excited about the tremendous opportunity this purchase creates for both companies," said Roger Penske, chairman, Penske Truck Leasing. "Rollins and Penske Truck Leasing share the same values, commitment to our people and to our customers."
Rollins Truck Leasing Corp. is a national full-service truck leasing and rental company, which services more than 53,000 vehicles under various lease and maintenance agreements from approximately 270 locations in the U.S. and Canada.
"Because of our shared values, this represents the next step in our growth and the growth of our finest asset -- our people. It is also an excellent deal for all shareholders," said John W. Rollins John W. Rollins (August 24 1916 – April 4, 2000) was an American businessman and politician from Greenville, in New Castle County, Delaware. He was a member of the Republican Party, and served as Lieutenant Governor of Delaware. Early life and family
John W. , Jr., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Rollins Truck Leasing Corp.
Penske Truck Leasing is a global transportation services provider headquartered in Reading, Pa., with annual revenues of approximately $2.7 billion. The company operates more than 152,000 heavy-, medium-, and light-duty trucks and serves customers from approximately 750 locations in the United States, Canada, Mexico, South America and Europe. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, integrated logistics services and supply chain management. The acquisition is subject to regulatory approval and customary closing conditions. Penske Truck Leasing expects to begin the tender offer within seven business days and the offer will be held open for a minimum of twenty business days, as required under Securities and Exchange Commission rules Securities and Exchange Commission Rules
Rules enacted by the SEC to assist in the regulation of US financial markets. . This announcement is not an offer to purchase nor a solicitation of an offer to sell shares. The tender offer for the outstanding shares of Rollins common stock described in this announcement has not yet commenced. At the time the offer is commenced, Penske Truck Leasing will file a tender offer statement with the SEC and Rollins will file a solicitation/recommendation statement with respect to the offer. Investors and security holders of Rollins are urged to read each of the tender offer statement and the solicitation/recommendation statement referenced in this press release when they become available because they will contain important information about the transaction.
Investors and security holders may obtain free copies of the tender offer statement and the solicitation/recommendation statement when they become available and other documents filed by Rollins and Penske Truck Leasing with the SEC at the SEC's web site at www.sec.gov and from Rollins and Penske Truck Leasing.
Morgan Stanley Dean Witter advised Rollins in this transaction. Web site: http://www.penske.com/ptl