In an SEC filing on Friday, January 23, Massey Services, Inc. announced that it had withdrawn its offer for Sunair Services, Inc. after Sunair hired an advisor to conduct a sale process.
The following is an excerpt of Massey’s statement:
Board of Directors of Sunair Services Corporation
On behalf of Massey Services, Inc. (“Massey”), we submit this letter to the Board of Directors of Sunair Services Corporation (the “Board of Directors.”) The purpose of this letter is to notify the Board of Directors that our non-binding offer to acquire 100% of the common stock of Sunair Services Corporation (“Sunair”) is being withdrawn.
Our January 15, 2009 letter to the Board of Directors stated that in the event the Board of Directors did not agree to negotiate definitive agreements based upon the terms of our offer, our offer would be withdrawn on January 26, 2009. The Board of Directors and its representatives have communicated to us that instead of proceeding to negotiate definitive agreements with Massey, the Board of Directors has now chosen, months after our initial offer, to begin an alternative sale process. As a result of this response and Sunair’s further delay, Massey is hereby withdrawing its offer.