KORE stockholders approve merger with Searchlight, Abry-backed entities
What's the deal? KORE Group Holdings (NYSE:KORE) stockholders approved a merger agreement at a special meeting, advancing a transaction with KONA Parent, L.P. and KONA Merger Sub Co — entities affiliated with funds managed by Searchlight Capital PartnersDealroom has a profile for this one. Try Dealroom → and Abry PartnersDealroom has a profile for this one. Try Dealroom →.
How it works: KONA Merger Sub Co will merge into KORE, with KORE continuing as the surviving corporation and becoming a subsidiary of KONA Parent, L.P. Both KONA entities are Delaware limited partnerships.
The vote: Approval required a majority of voting power from outstanding shares entitled to vote under Delaware law, plus a majority of votes cast by "disinterested stockholders," as defined in the proxy statement. The board had unanimously recommended a vote in favour.
Timothy Donahue, chairman of KORE's board, presided over the webcast meeting and said stockholders were voting on three items: the merger agreement proposal, an advisory compensation proposal, and, if necessary, an adjournment proposal.
What else passed? Stockholders also approved, on an advisory basis, executive compensation tied to the merger. That vote was non-binding and not a condition for the transaction to close.
Because the merger agreement proposal was approved, the company did not call a vote on the adjournment proposal. No stockholder questions or comments on the merger were submitted during the meeting, according to Jack Kennedy, KORE's chief legal officer and secretary.
The signal: The stockholder green light moves the deal toward completion, taking KORE off the public market and under private equity ownership.
Read more: Yahoo Finance
