Command Security Corp (NYSE AMERICAN: MOC)
Shares of Command Security Corp – a US company that offers aviation security services – rocketed 47.37% to trade at $2.80 during the regular hours of trading on Wednesday.
The sharp gain after the firm agreed to be acquired by Spain’s Prosegur Compañía de Seguridad S.A. The shares had lost nearly 38% since January through Tuesday.
Prosegur is a security company headquartered in Madrid, Spain. It operates in 24 countries around the world and generates revenues of about $5 billion each year. The number of employees working for the company is more than 175,000.
Under the agreement, the Prosegur will acquire Command Security in an all-cash transaction valued at $2.85 in per share. The transaction price represents a 71.6% premium to the three-month average closing stock price of Command Security, and a 50 % premium to the company’s closing price on Tuesday.
Boards of the two companies have unanimously support the deal, but it is still subject to customary closing conditions, including regulatory approvals. The companies expect to close the transaction by the fourth quarter of fiscal 2018.
Executive Comments
Craig P. Coy, the Chief Executive Officer of Command Security Corp. had this to offer on the agreement, “This is the perfect match for Command Security and a great deal for our shareholders. We believe that this merger will enable us to grow into new businesses, add broader capabilities, and deploy new resources to meet and expand our current base of business.”
“Prosegur’s management philosophy, commitment to excellence and worldwide experience and innovation match seamlessly with our strategic goals. Our entire management and operations team are excited by this new opportunity and vision for the future,” Coy concluded.
Prosegur Security Managing Director Javier Tabernero also issued the following remarks, “We are excited to include Command Security in our operations. They have an impressive management team and high service quality.”
Command Security Corp Company Profile
Command Security Corp provides uniformed security officers and aviation security services in the United States. It operates through Security and Aviation Safeguards divisions.
The Security division offers armed and unarmed uniformed security personnel for access control, loss prevention, mobile patrols, traffic control, security console/system operators, and fire safety directors, as well as personnel for reception, concierge, and front desk/doorman operations.
This division serves governmental, quasi-governmental, and financial institutions; colleges and universities; healthcare facilities; residential communities; and commercial real estate, industrial, distribution, logistics, and retail customers.
The Aviation Safeguards division provides various uniformed services for domestic and international air carriers, including security for airlines, aircraft, passengers, and cargo; and baggage screening, wheelchair escort, special escort, and skycap services.
This division serves approximately 150 domestic and international airlines, airports, airport authorities, and the general aviation community at approximately 9 international airports.
The company also offers labor and operations management services, such as scheduling, reporting, payroll, billing, and training management services. Command Security Corporation was founded in 1980 and is based in Herndon, Virginia. – Yahoo Finance
