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Shareholders Agree To Sell Avaya |
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Written by Adam Gosling
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Tuesday, 02 October 2007 |
The deal to put enterprise IP Telephony supplier, Avaya, into the hands of private equity has been approved by its shareholders.
A vote at the company's special meeting of stockholders held last Friday in Wilmington, Delaware, voted to adopt the
merger agreement providing for the acquisition of Avaya by affiliates of Silver
Lake Partners and TPG, two private equity firms.
The company also announced that all regulatory approvals required to
complete the transaction have been obtained, including the receipt of clearance from the European Commission.
The deal, struck in early June this year is now expected to be completed by the end of this month, subject to the satisfaction
or waiver of certain closing conditions.
Under the terms of the merger agreement, Avaya stockholders will be
entitled to receive $17.50 per share in cash for each share of the
company's common stock, without interest.
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