Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Moab Capital Partners Closes Stake in Mac-Gray Corporation (TUC) Following Merger

Moab Capital Partners, managed by  Michael M. Rothenberg and David Sackler, in a filing revealed that it no longer has a stake in Mac-Gray Corporation (NYSE:TUC). Earlier, the fund held 1.34 million shares of the company representing 9.1% stake in Mac-Gray Corporation (NYSE:TUC)’s common stock. The position was sold out following Mac-Gray’s acquisition by Spin Holdco.

Mac-Gray

Post the January 9, 2014 completion of Mac-Gray Corporation (NYSE:TUC) merger with CSC Service Work, all shares of Mac-Gray Corporation (NYSE:TUC) which were beneficially owned by the Moab Capital ceases to exist. All shareholders, including Moab Capital supported the merger.

As per the October CSC Fenway, Inc. and Mac-Gray Corporation (NYSE:TUC), entered into a definitive merger agreement, under the terms of which the former has acquired all the outstanding common stock issued by Mac-Gray, paying $21.25 per share which represents a 42% appreciation on October 14, 2013 close price of Mac-Gray’s stock. CSC Fenway, Inc. is a wholly-owned subsidiary of Spin Holdco, which is a subsidiary of CSC ServiceWorks, Inc.

CSC is a leading provider of multi-family housing and commercial laundry solutions. Mac-Gray, is a laundry facilities management services provider which is also into selling and service of commercial laundry equipment to retail customers. Mac-Gray Corporation (NYSE:TUC), has paid out dividend of $0.0875 per share at the beginning of January.

Mario Gabelli’s Gamco Investors upped its stake in Mac-Gray Corporation (NYSE:TUC) to 8.24% from 6.66% held earlier. Also, River Road Asset Management trimmed its holding in the stock to 335,678 shares from 1.3 million shares. Pamplona Capital Management, led by Alexander Knaster, disclosed in a filing that it holds a 17.7% stake in Mac-Gray Corporation (NYSE:TUC).

Moab Capital Partners, is an event-driven hedge fund. The second largest holding of the fund after  Mac-Gray Corporation (NYSE:TUC) is Macquarie Infrastructure Company LLC (NYSE:MIC), where the fund has invested 10.33% of its equity portfolio, which contains 25.0 million shares 324,788 shares. The fund also holds 1.96 million shares, of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD). Another company where the fund has a long position is Susser Petroleum Partners LP (NYSE:SUSP), wherein it holds 310,562 shares with a reported value of $12.86 million.

Disclosure: none

Recommended Reading:

Bill & Melinda Gates Foundation Trust Discloses Selling Some Berkshire Hathaway Inc. (BRK.B); Plans To Sell 65 Mln More

SAC Capital Discloses New Stake in Textura Corp (TXTR)

Altimeter Capital Management Further Raises Stake in NQ Mobile Inc (NQ)

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...