Examworks Group, Inc. (NYSE:EXAM) held a special meeting of its stockholders on July 26 and the outcome paved the way for the company to continue with the process of selling itself to Leonard Green & Parent LP. The vast majority of the voting shares represented at the special meeting back the merger agreement.
Examworks Group said that some 36.7 million shares of its common stock that represent about 87.8% of its outstanding common share count voted at the special meeting
What about the merger deals?
At the meeting, Examworks put before the shareholders the proposal to approve and then adopt the merger agreement and plan that was reached on April 26 with Leonard Green. As it turned out, the majority of Examworks’ stockholders backed the approval and adoption of the agreement with more than 32.8 million votes being cast in favor of the proposal.
However, close to 2.4 million votes were cast against the proposal.
The approval of the stockholders now clears the way for Examworks to go ahead with the planned sale of itself to Leonard Green.
What’s on offer?
Examworks is being acquired by Leonard Green & Parent LP, which has offered to pay a price of $35.57 per share for the company. That offer values the company at $2.2 billion. The price at which Leonard has valued a share of Examworks implies a 22% premium over the stock’s average closing price over a period of 90 days just before the deal was made public.
The merger is expected to close today, July 27.
Besides the merger issue, the other matter that Examworks Group asked stockholders to vote on was the proposal regarding compensation to certain executives of the company in connection with the planned merger. More than 31.9 million votes were cast in favor of the compensation proposal.