Park-Ohio Holdings to be Acquired by New Mountain Capital
Ticker: PKOH · Form: 8-K · Filed: Aug 23, 2024 · CIK: 76282
| Field | Detail |
|---|---|
| Company | Park Ohio Holdings Corp (PKOH) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00, $29.24 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, private-equity
TL;DR
Park-Ohio is being bought by New Mountain Capital, deal expected to close Q4 2024.
AI Summary
Park-Ohio Holdings Corp. announced on August 23, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of New Mountain Capital. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. Park-Ohio Holdings Corp. is incorporated in Ohio and its principal executive offices are located in Cleveland.
Why It Matters
This acquisition by a private equity firm signals a significant change in ownership for Park-Ohio Holdings, potentially impacting its strategic direction and operations.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions, and the integration process post-acquisition can present risks.
Key Players & Entities
- Park-Ohio Holdings Corp. (company) — Registrant
- New Mountain Capital (company) — Acquiring entity
- Ohio (location) — State of incorporation
- Cleveland (location) — Principal executive offices
- August 23, 2024 (date) — Date of report and agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
Who is acquiring Park-Ohio Holdings Corp.?
An affiliate of New Mountain Capital is acquiring Park-Ohio Holdings Corp.
When is the acquisition expected to close?
The transaction is expected to close in the fourth quarter of 2024.
What is the filing date of this 8-K report?
The filing date of this 8-K report is August 23, 2024.
In which state is Park-Ohio Holdings Corp. incorporated?
Park-Ohio Holdings Corp. is incorporated in Ohio.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 524 words · 2 min read · ~2 pages · Grade level 10 · Accepted 2024-08-23 16:15:01
Key Financial Figures
- $1.00 — ich registered Common Stock, Par Value $1.00 Per Share PKOH The NASDAQ Stock Mar
- $29.24 — per share (the "Shares"), at a price of $29.24 per share pursuant to a Stock Purchase
Filing Documents
- d884250d8k.htm (8-K) — 27KB
- d884250dex51.htm (EX-5.1) — 7KB
- g884250g0821070523216.jpg (GRAPHIC) — 2KB
- 0001193125-24-206185.txt ( ) — 154KB
- pkoh-20240823.xsd (EX-101.SCH) — 3KB
- pkoh-20240823_lab.xml (EX-101.LAB) — 17KB
- pkoh-20240823_pre.xml (EX-101.PRE) — 11KB
- d884250d8k_htm.xml (XML) — 3KB
01
Item 8.01 Other Events. On August 23, 2024, Park-Ohio Holdings Corp., an Ohio corporation (the "Company"), completed the issuance and sale of 341,997 shares of the Company's common stock, par value $1.00 per share (the "Shares"), at a price of $29.24 per share pursuant to a Stock Purchase Agreement, dated August 21, 2024 (the "Offering"). The Offering was made pursuant to the Company's effective registration statement on Form S-3 (File No. 333-279399), declared effective by the Securities and Exchange Commission (the "SEC") on May 23, 2024, and related prospectus supplement, dated August 21, 2024, filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended. A copy of the opinion of Jones Day relating to the validity of the Shares is filed with this Current Report on Form 8-K as Exhibit 5.1.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 5.1 Opinion of Jones Day 23.1 Consent of Jones Day (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Park-Ohio Holdings Corp. (Registrant) Dated: August 23, 2024 /s/ Robert D. Vilsack Robert D. Vilsack Chief Legal & Administrative Officer, Corporate Secretary