Engility Holdings, Inc. EGL, announced that its common shareholders
overwhelmingly approved the acquisition of TASC at its special meeting of
shareholders held earlier today. Of the outstanding shares represented at
today's special meeting, approximately 99% voted in favor of the adoption of
the acquisition agreement.
The approval of the transaction by Engility's shareholders was one of the
final conditions to the closing of the acquisition. Subject to the
satisfaction or waiver of all closing conditions related to the acquisition,
Engility expects the transaction to close on February 26, 2015.
Engility shareholders that hold their shares through the closing date of the
transaction will receive a special cash dividend, which currently is expected
to be approximately $11.43 per share for each Engility share they own, subject
to final adjustments depending on Engility's diluted share count at time of
closing. Upon closing of the transaction, the combined company will maintain
the Engility Holdings, Inc. name and continue to be traded on the New York
Stock Exchange under the ticker symbol "EGL".
"We are extremely pleased that our shareholders have recognized the compelling
strategic and financial rationale for this transaction," said Engility
President and CEO Tony Smeraglinolo. "We expect the TASC acquisition to
accelerate our growth strategy, which is focused on further diversifying our
customer base, adding substantial scale to our business, broadening our
capabilities and increasing our addressable market. We welcome the addition of
TASC's outstanding employees and their prestigious portfolio of served markets
to our business and believe it will be a transformational combination for both
companies and the industry."
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