CHARLOTTE, NC — Moore & Van Allen PLLC is proud to announce that it played a key role in the transformation of an equity structure for firm client MSC Industrial Direct Co., Inc.
The transaction closed on October 4, simplifying MSC’s dual-class equity structure. MSC’s Class B Common Stock with high voting rights, held by the Jacobson/Gershwind families, was eliminated, and the common stock of the company was reclassified as a single equity class. MSC also adopted several enhancements in the governance of the company to align its policies and procedures to current best practices.
The Jacobson/Gershwinds will no longer be in control of MSC and it will cease to exist as a controlled entity. A special committee of MSC’s board of director recommended the reclassification and shareholders approved it on October 4.
The article Moore & Van Allen represents MSC Industrial Direct during transformational equity reclassification first appeared on Attorney at Law Magazine.