Pre-Paid Legal Shareholders Approve Merger Agreement
Pre-Paid Legal Services, Inc. (NYSE: PPD) announced that Pre-Paid's shareholders adopted the previously announced merger agreement, dated January 30, 2011, among Pre-Paid, MidOcean PPL Holdings Corp. and PPL Acquisition Corp. at today's special meeting.
More than 99% of the shares voting at the meeting were voted in favor of the adoption of the merger agreement, representing approximately 82% of Pre-Paid's total outstanding shares of common stock as of the May 13, 2011 record date for the meeting. Approval of the proposal to adopt the merger agreement required the affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock.
Upon consummation of the merger, Pre-Paid's shareholders will receive $66.50 in cash for each share of Pre-Paid common stock they own, other than shareholders that properly exercise appraisal rights.
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