Heritage-Crystal Clean: ‘Go-shop’ period expires in previously announced merger

Heritage-Crystal Clean announced the expiration of the 35-day “go-shop” period pursuant to the terms of the previously announced definitive merger agreement pursuant to which an investment affiliate of J.F. Lehman & Company, JFLCO , a leading private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, has agreed to acquire all outstanding shares of Crystal Clean common stock for $45.50 per share in cash, or approximately $1.2B. The “go-shop” period expired at 11:59 p.m. Eastern Time on August 23. During the “go-shop” period, at the direction of the Company’s Board of Directors, Crystal Clean and representatives of William Blair & Company, financial advisor to the Company, engaged with or actively solicited alternative acquisition proposals from 53 potentially interested parties with respect to a possible alternative transaction to the merger. Crystal Clean did not receive any competing acquisition proposals during the “go-shop” period. The transaction is expected to close in the fourth quarter of 2023.