United Capital Receives Acquisition Proposal

United Capital Corp. announced today that its board of directors received a letter from A.F. Petrocelli, its chairman, president & CEO, proposing to acquire all of the company’s outstanding common stock at a cash purchase price of $23 per share, which represents about a 15 percent premium over the average closing price of the company’s common stock on Friday. The total value of the transaction, including contributions of the existing equity of Petrocelli, his family members, and certain senior executives of the company, is expected to exceed $270 million, including the assumption of the company’s outstanding indebtedness. The company’s hotel operations business consists of three hotels located in the United States, while the firm also has an engineered products division, according to the New York Times.