First Data Corp. said Tuesday that its shareholders had
approved a $29 billion take-private of the company by Kohlberg Kravis Roberts
& Co. Over 98% of the votes cast were in favor of the merger, the company
said. "I am very pleased to receive such broad support for this transaction
from our shareholders," said chairman and CEO Ric Duques. "With most of the
necessary conditions now having been met, we are well on our way to closing
this transaction, as expected, in the third quarter." The syndication of the
debt for the LBO
was
recently postponed, raising questions about whether the deal would be
completed. First Data shares were up 1.4% at midday Tuesday on the news, but
at $32.57 they were still trading at a 4.2% spread to the $34 per share offer,
reflecting doubts about the timing and certainty of the close. —John E.
Morris
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press release
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related story from TheDeal.com
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deal announcement from TheDeal.com
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