Angelica Corporation Announces Completion of Merger
ST. LOUIS, Missouri – August 4, 2008 – Angelica Corporation announced today the completion of its acquisition by an affiliate of Lehman Brothers Merchant Banking. Under the terms of the merger agreement, each issued and outstanding share of Angelica common stock was converted into the right to receive $22.00 in cash.
Angelica common stock will cease to trade on the New York Stock Exchange (NYSE) at market close today and will no longer be listed on the NYSE.
Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of Angelica common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares. Stockholders who hold Angelica's shares in "street name" by a bank, broker or other nominee will not need to take any action to have their shares converted into cash, as this should be done by their bank, broker or other nominee.