Food service company ARAMARK Corp. (RMK), voted Fortune America's Most Admired Companies 2006 #1 Industry Champion, has agreed to be acquired by an investment group led by its longtime chief executive for $6.3 billion.
Aramark shareholders will get $33.80 in cash for each share. This is an improvement upon an initial bid of $32 per share made by the same group in May.
According to this WashingtonPost.com article, Philadelphia-based Aramark _ which provides food services, facilities management and uniform apparel to hospitals, schools, stadiums and arenas _ will become a private company after the transaction closes.
Shares of Aramark fell by 29 cents to $32.76 in afternoon trading on the New York Stock Exchange.
Simpson said the company's announcement that Neubauer's shares will only have one vote each _ instead of the 10 they are entitled to _ put pressure on the stock because it adds uncertainty to the deal. The CEO and his family hold a 16.8 percent stake in Aramark's class B shares, but Neubauer's voting power will be less than 5 percent when shareholder vote on the deal.
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