MOUNT AIRY, N.C., Aug. 4, 2014 (GLOBE NEWSWIRE) -- Pike Corporation (NYSE:PIKE), one of the nation's largest specialty construction and engineering firms serving the electric power industry, announced today that it has signed a definitive merger agreement under which investment firm Court Square Capital Partners in partnership with J. Eric Pike, the Company's Chairman and Chief Executive Officer, will acquire the Company in a transaction in which each of the Company's shareholders will receive $12.00 in cash, without interest and less any applicable withholding taxes, for each share of the Company's common stock they hold. The price represents a premium of approximately 50.8 percent over the Company's closing price on August 1, 2014, and a premium of approximately 39.6 percent over the 30‑day volume-weighted average closing prices leading up to that date. The Board of Directors of the Company, acting on the unanimous recommendation of a Special Committee comprised entirely of independent and disinterested directors, adopted the merger agreement and resolved to submit it to the Company's shareholders for their approval. The transaction is expected to be completed in the second quarter of the Company's 2015 fiscal year, or the fourth quarter of calendar year 2014, subject to receipt of approval from the Company's shareholders and regulatory approvals, and satisfaction of other customary closing conditions. The merger agreement provides for a 30-day "go-shop" period, during which the Special Committee – with the assistance of its independent financial advisor BofA Merrill Lynch – will actively solicit, and to the extent received, evaluate and potentially enter into negotiations with parties that offer alternative proposals to acquire the Company. James L. Turner, Chairman of the Special Committee and lead independent director of the Company's Board of Directors, said: "The Special Committee and its advisors conducted a disciplined and independent process intended to ensure the best outcome for shareholders. We are very pleased with this transaction and believe that it maximizes shareholder value."