CTSI Commences Tender Offer to Purchase Common Stock of AFA Protective Systems, Inc.

Rhea-AI Summary

On September 14, 2021, APS Acquisitionco, a subsidiary of Corbett Technology Solutions (CTSI), launched a tender offer for AFA Protective Systems (OTCMKTS: AFAP) shares at $743.50 each, significantly higher than the $106.50 per share price on September 1, 2021. This offer will end on October 26, 2021. Once the offer concludes, APS will merge with AFAP, positioning AFAP as the surviving entity. Stockholders are encouraged to read the tender offer materials for detailed information.

Positive

• Tender offer price of $743.50 per share represents a significant premium over the $106.50 price prior to the announcement.
• The merger positions AFAP to benefit from CTSI's technological expertise.

Negative

• None.

CHANTILLY, Va. and SYOSSET, N.Y., Sept. 14, 2021 /PRNewswire/ -- APS Acquisitionco, Inc., a wholly-owned subsidiary of Corbett Technology Solutions, Inc. (CTSI), announced today that it has commenced a tender offer to purchase all the outstanding shares of common stock of AFA Protective Systems, Inc. (OTCMKTS: AFAP), at a price of $743.50 per share.

On September 1, 2021, the last full trading day prior to announcement of the transaction, the sale price of AFAP's shares reported on OTCMKTS was $106.50. Following the consummation of the tender offer, APS Acqusitionco, Inc. will be merged with and into AFAP with AFAP as the surviving corporation.

This tender offer will expire on October 26, 2021 at midnight (one minute after 11:59 p.m.), New York time, unless extended. Tenders of AFAP's common stock must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. Each outstanding share of common stock outstanding immediately prior to the merger, will be converted into the right to receive the offer price without interest thereon and less any required withholding taxes.

This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell or purchase shares of AFAP's common stock. The tender offer is being made pursuant to the Agreement and Plan of Merger, Offer to Purchase and other related materials that AFAP is sending or making available to its stockholders. The tender offer materials contain important information that should be read carefully before any decision is made with respect to the tender offer.

About AFA Protective Systems
Established in 1873, AFA is the oldest continuously operating alarm company in the United States, with offices throughout the East Coast and with service capability throughout the country through its National Accounts Division.

Additional information about AFA is available at www.afap.com

About CTSI
For over five decades, CTSI has been at the forefront of technology integration and innovation with critical communications, collaboration, audiovisual and security solutions for enterprise, government, healthcare and education customers. With an engineering-driven culture, we deliver best-in-class solutions and services with highly trained, lean-certified user experience practitioners, programmers, technicians, engineers, and customer care representatives. CTSI delivers unmatched design, installation, integration, and managed and subscription services that deliver high-quality, end-to-end results tailored to customers' unique needs and challenges.

Additional information about CTSI is available at www.ctsi-usa.com

Contact Information:

All shareholders, those who hold through registered name or via a broker, will receive hard copies of the materials shortly.

If you have not received materials, please contact the information agent below: 
Georgeson LLC
1290 Avenue of the Americas, 9th Floor
New York, NY 10104
Toll Free: 1-888-607-6511

The tender period began the morning of September 14, 2021 and will expire at midnight (one minute after 11:59 pm) on October 26, 2021

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SOURCE CTSI

FAQ

What is the tender offer price for AFA Protective Systems (AFAP)?

The tender offer price for AFA Protective Systems (AFAP) is $743.50 per share.

What is the deadline for the tender offer for AFAP shares?

The deadline for the tender offer for AFAP shares is October 26, 2021, at midnight New York time.

How does the tender offer affect AFA Protective Systems (AFAP)?

The tender offer will lead to a merger where APS Acquisitionco will merge with AFA Protective Systems, making AFAP the surviving corporation.

When did the tender offer for AFA Protective Systems (AFAP) commence?

The tender offer for AFA Protective Systems (AFAP) commenced on September 14, 2021.

What was AFA Protective Systems' stock price before the tender offer?

AFA Protective Systems' stock price on September 1, 2021, was $106.50.