The Home Depot Agrees To Acquire U.S. Home Systems
August 8, 2012 | 10:01 pm UTC

DALLAS and ATLANTA - The Home Depot® and U.S. Home Systems, Inc. ("USHS") today announced a definitive merger agreement for The Home Depot to acquire USHS. USHS, based in Irving, Texas, is currently an exclusive provider of kitchen and bath refacing products and services as well as closet and garage organizational systems to The Home Depot.

Under the terms of the agreement, The Home Depot will acquire USHS for $12.50 per share in cash which represents an approximately 38% premium over USHS' closing price on The NASDAQ Global Market on August 6, 2012. The agreement was unanimously approved by USHS's board of directors. The acquisition is expected to close by the end of the calendar year, and is subject to approval by USHS stockholders, applicable regulatory approval and customary closing conditions.

"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann, senior vice president-Home Services, The Home Depot.

"The USHS board of directors conducted a thorough review of the company's alternatives to enhance stockholder value, and we are pleased that this transaction appropriately recognizes the value of USHS' relationships and solutions, while providing our stockholders with an attractive cash premium for their investment," said Murray H. Gross, president, CEO & chairman, USHS.

Bryant Park Capital Securities, Inc. is acting as exclusive financial advisor to USHS. Bryant Park Capital Valuation Services LLC (an affiliate of Bryant Park Capital Securities, Inc.) has rendered a fairness opinion to the Board of Directors of USHS in connection with the transaction. Jackson Walker L.L.P. is acting as legal advisor to USHS.

J.P. Morgan Securities LLC is serving as The Home Depot's exclusive financial advisor and King & Spalding LLP is acting as legal advisor to The Home Depot.

Source: The Home Depot

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