Measurement Specialties Holders Approve 86/Share In Cash Bid from TE
Measurement Specialties, Inc. (Nasdaq: MEAS) (the "Company") today announced that at the special meeting of shareholders held today (the "Special Meeting"), the Company's shareholders voted to approve the proposed acquisition of the Company by TE Connectivity Ltd (NYSE: TEL) ("TE").
As previously announced on June 18, 2014, the Company and TE entered into a definitive merger agreement for TE to acquire the Company for $86.00 per share in cash. At today's Special Meeting, 14,492,833 shares were represented, which constituted a quorum. Approximately 92 percent of the votes cast voted in favor of the approval and adoption of the merger agreement.
The approval and adoption of the merger agreement by the Company's shareholders satisfies one of the conditions necessary for the proposed transaction to close. The closing of the transaction remains subject to certain regulatory approvals and other customary closing conditions, and is expected to occur in the 2014 calendar year.
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