P&F Industries’ shareholders approve acquistion by Shoreview for $13 per share

P&F Industries announced that its shareholders approved a proposal to adopt the merger agreement entered into between the Company and Shoreview Industries at a Special Meeting of Shareholders held on December 19. As previously announced, under the terms of the transaction, P&F shareholders will receive $13.00 per share in cash. “We thank our shareholders for their strong support of this transaction,” said Richard Horowitz, Chairman of the Board, Chief Executive Officer and President. “We look forward to completing the transaction with Shoreview to deliver immediate and premium value to our investors and better serve our global customers.” The affirmative vote of the majority of the shares of common stock of the Company outstanding and entitled to vote thereon and the affirmative vote of a majority of the votes cast at the Special Meeting by stockholders other than Richard A. Horowitz, as applicable, voted to adopt the Merger Agreement. P&F will provide final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.P&F now expects to complete the transaction later this week, subject to customary closing conditions.