DALLAS -- Cabinetry refacing firm U.S. Home Systems, Inc. (USHS) says its acquisition by Home Depot's cabinet refinishing operation is on track, after solicitations of 70 other potential bidders did not turn up alternative offers.
Under the merger agreement, the 1,000-employee U.S. Homes solicited acquisition proposals until September 5. Despite the lack of bidders, four shareholder groups launched legal efforts to block the sale.
The completion of this "go-shop" period means U.S Home Systems can be acquired by Home Depot's THD At-Home Services, Inc. and Umpire Acquisition Corp. a wholly-owned subsidiary of PHome Depot.
Separately, U.S. Home Systems said the Federal Trade Commission on August 17 granted early termination of its anti-trust review.
The acquisition by Home Depot was announced August 6. Based in Dallas, the cabinetry refacing firm U.S. Home Systems expects the deal to close in the fourth quarter. U.S. Home Systems manufactures or installs kitchen cabinet refacing products for kitchen remodeling, bathroom remodeling, and storage organization systems for closets and garages. Its stock is traded on the NASDAQ Global Market (NASDAQ: USHS).
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