SonicWALL Shareholders Approve Merger
The company's shareholders overwhelmingly voted to approve the terms of the merger agreement.
IT security and data backup and recovery solutions company, SonicWALL, Inc. has announced the results of its Shareholder Meeting where shareholders overwhelmingly voted to approve the principal terms of the merger agreement entered into on June 2 between SonicWALL and affiliates of an investor group led by Thoma Bravo, LLC, which includes the Ontario Teachers' Pension Plan.
"Under the terms of the agreement, SonicWALL shareholders are entitled to receive $11.50 in cash for each share of SonicWALL common stock that they hold, without interest and less any applicable withholding taxes. Letters of transmittal allowing SonicWALL shareholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. SonicWALL shareholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.
"With the closing of the transaction, SonicWALL stock will cease to trade on the NASDAQ and will be delisted."