Lennox International Inc. has agreed to acquire Service Experts Inc. for the exchange of company shares. The acquisition
will take place some time in the first quarter of 2000, the companies said Oct. 27.
Service Experts (NYSE: SVE) will merge into Lennox (NYSE: LII), as long as each Service Expert share is exchanged for the
right to receive 0.67 of Lennox shares, pending approval of governing bodies and shareholders of both companies.
Nashville, Tenn.-based Service Experts is expecting less-than-stellar third quarter results with earnings in a range of $0.10-$0.15
per diluted share. Its stock plunged nearly 40 percent in trading in July, the second major nose-dive to take place for the
company this year. Service Experts has been an industry consolidator since 1996, and has 120 service centers operating in 34
states.