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Corillian shareholders approve merger with CheckFree

01 May 2007  |  2560 views  |  0 Source: Corillian

Corillian Corporation (Nasdaq: CORI) (Corillian) today announced that its shareholders approved the merger agreement entered into as of February 13, 2007 among Corillian, CheckFree Corporation (CheckFree) and a wholly owned subsidiary of CheckFree.

Under the terms of the merger agreement, CheckFree's wholly owned subsidiary will merge into Corillian, and Corillian's shareholders will receive $5.15 in cash, without interest, for each share of Corillian common stock issued and outstanding at the effective time of the merger.

Completion of the merger remains subject to various conditions, including the receipt of regulatory approvals and the satisfaction or waiver of all other closing conditions in accordance with the terms of the merger agreement. Corillian previously announced that on April 12, 2007, CheckFree submitted an additional responsive document required by the pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") to the Federal Trade Commission ("FTC") and Department of Justice ("DOJ"), relating to the proposed acquisition of Corillian by CheckFree. As a result, the HSR Act waiting period recommenced and is now set to expire at 11:59 p.m. on May 14, 2007, unless earlier terminated by federal antitrust authorities, or extended by a request for additional information from such authorities. Corillian continues to anticipate the merger will close in the second calendar quarter of 2007, shortly following the expiration or termination of the antitrust waiting period. However, the timing of the closing may be affected by formal or informal requests, if any, for additional information from the FTC or DOJ.

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