Paul Hastings Represents Hoshizaki America, Inc in Purchase of Lancer Corporation
Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, is pleased to announce today that the firm is representing Hoshizaki America, Inc in its purchase of Lancer Corporation (AMEX: LAN). The transaction is valued at approximately $215.0 million.
Under the terms of the agreement, Hoshizaki will acquire all of the outstanding capital stock of Lancer Corporation for $22.00 per share in cash. Completion of the deal is contingent on regulatory review and approval by the shareholders of Lancer Corporation and is expected to occur by February 1, 2006.
Paul, Hastings attorneys that worked on the deal include: Wayne Bradley, Sam Snider and Tong Zou.
About Hoshizaki America Inc.
Hoshizaki America, Inc. is a subsidiary of Hoshizaki Electric Co. Ltd. Hoshizaki Group is one of the world’s largest manufacturers of commercial kitchen equipment, employing approximately 8,000 people with sales of $1.4 billion. Hoshizaki America Inc. was established in 1981 and is headquartered in Peachtree City, Georgia. Currently, Hoshizaki America is one of the leading ice machine companies in the USA with approximately 500 employees and a family of over 30 independent distributors.
About Lancer Corporation
Lancer Corporation is a leading innovator, manufacturer and marketer of beverage dispensing systems serving customers worldwide. Headquartered in San Antonio, Texas, Lancer also maintains facilities in Mexico, Australia, Belgium, New Zealand and the United Kingdom. Lancer is a vertically integrated manufacturer that employs approximately 1,200 people. Lancer designs and manufacturers a complete range of fountain soft drink dispensers, frozen beverage dispensers, dispensing valves, beer dispensing equipment, and an extensive line of beverage dispensing parts and accessories, which are marketed through a network of Company sales representatives and authorized distributors.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is an international law firm, representing Fortune 500 companies with more than 1,000 attorneys located in 17 offices: Atlanta, Beijing, Brussels, Hong Kong, London, Los Angeles, Milan, New York, Orange County, Palo Alto, Paris, San Diego, San Francisco, Shanghai, Stamford, Tokyo and Washington, DC.