The ServiceMaster Co. declared a second quarter 2007 cash dividend of $.12 per share payable on May 31, 2007 to shareholders of record on May 8, 2007. The $.12 per share second quarter dividend represents a 9.1 percent increase from the $.11 per share paid for the second quarter of the prior year.
On March 19, the company announced an agreement to be acquired in a transaction with CDRSVM Topco, a corporation formed by a fund managed by Clayton, Dubilier & Rice (CD&R). This was followed by the news on April 17 that the Company was notified by the Federal Trade Commission of early termination of the 30-day waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the transaction.
The Company has also filed a preliminary proxy statement with the Securities and Exchange Commission (SEC). Once the preliminary proxy statement has received clearance from the SEC, additional information will be provided related to the timing of the special meeting of shareholders and the closing of the transaction.
Given the progress of plans to complete the merger, which requires the approval of a majority of ServiceMaster’s outstanding shares at a special stockholders’ meeting, ServiceMaster has revised its plans to announce first quarter financial results, which will now be issued in conjunction with the filing of its first quarter Form 10-Q, rather than through its traditional earnings release.
The 10-Q filing is expected to occur around May 10. The company expects to hold a special meeting of stockholders late during the second quarter or early during the third quarter of 2007.
ServiceMaster currently serves residential and commercial customers through a network of over 5,500 company-owned locations and franchised licenses. The Company’s brands include TruGreen, TruGreen LandCare, Terminix, American Home Shield, InStar Services Group, ServiceMaster Clean, Merry Maids, Furniture Medic, and AmeriSpec. The core services of the Company include lawn care and landscape maintenance, termite and pest control, home warranties, disaster response and reconstruction, cleaning and disaster restoration, house cleaning, furniture repair, and home inspection