LOUISVILLE, Colo.—In a company press release, American Coin Merchandising, Inc. announced a definitive agreement to be acquired by Coinstar, Inc.
Pursuant to the terms of the definitive agreement, the publicly traded Trust Preferred securities of ACMI are to be redeemed at par plus accrued interest following the closing of the transaction.
The transaction is expected to close in the third quarter of this year. Closing is dependent on certain customary conditions including obtaining Hart-Scott-Rodino and certain other governmental approvals, securing certain contractual consents, and Coinstar's ability to finance this transaction.
Dave Cole will remain the chief executive officer of Coinstar, Inc. Randy Fagundo, currently the chief executive officer of ACMI, will become the president of ACMI and will report directly to Cole.
Fagundo will continue to lead the amusement vending business.
"We are delighted to be joining forces with Coinstar and see great value in their technologically-advanced network and established retail relationships," said Fagundo.
"Tremendous opportunity exists as we combine our areas of expertise and leverage our ability to cross-sell products into a broadened customer base."
"We are very excited about moving forward with the acquisition of ACMI. We believe that the combined companies will diversify Coinstar's business and greatly benefit shareholders," said Cole.
"ACMI is a leader in self-service amusement vending with an extensive distribution network, a strong and growing revenue stream, and customer-focused culture. The combined strengths of the two companies will allow us to penetrate new classes of trade and provide retailers with a single source for a range of front-end consumer services."
