LMI Aerospace Inc. (Nasdaq:LMIA) shareholders, at a special meeting held today, approved the merger agreement for the Sonaca Group’s acquisition of LMI. Under the terms of the agreement, LMI shareholders will be entitled to receive $14 per share in cash at the closing of the transaction.
“Shareholder approval is an essential milestone toward closing this transaction,” said Dan Korte, LMI Aerospace chief executive officer. “With the strong support our shareholders gave today, we are one step closer to building a bright future together with the Sonaca Group.”
“We look forward to welcoming LMI Aerospace to the Sonaca Group,” said Bernard Delvaux, Sonaca chief executive officer. “As complementary businesses with different core customers, we see opportunities to combine our strengths to better serve our customers and expand our market access globally.”
Approximately 76.7 percent of outstanding shares voted, with more than 99.4 percent of votes cast in favor of the merger agreement and related transactions. LMI shareholders also approved, on an advisory (non-binding) basis, certain compensation that may be paid or become payable to LMI’s named executive officers in connection with the transaction. LMI will file with the Securities and Exchange Commission Form 8-K with the final voting results on all agenda items. This document also will be available at http://ir.lmiaerospace.com/.
The transaction is subject to customary closing conditions, including required regulatory approvals. Closing is expected by the end of June 2017.