Source: Open Solutions
Open Solutions (NASDAQ: OPEN) announced today that the stockholders of the Company voted to adopt the merger agreement providing for the acquisition of Open Solutions by entities affiliated with The Carlyle Group and Providence Equity Partners, two leading private equity firms.
Based upon the preliminary tally of shares voted at a special meeting of its stockholders held today, 15,028,943 shares were voted at the meeting, representing 73.8% of Open Solutions' outstanding voting shares. Approximately 99.7% of the shares present and voting, which represents approximately 73.5% of the total number of shares outstanding and entitled to vote, voted in favor of the adoption of the merger agreement.
Under the terms of the merger agreement, Open Solutions stockholders will be entitled to receive $38.00 per share in cash, without interest, for each share of Open Solutions common stock held. The transaction is anticipated to close on Tuesday, January 23, 2007.