22 October 2017

Proginet stockholders approve Tibco merger deal

16 September 2010  |  2387 views  |  0 Source: Proginet

Proginet Corporation (OTCBB: PRGF), a world leader in multi-platform file transfer solution, today announced that on September 14, 2010, its stockholders approved the proposal to adopt the previously announced merger agreement with TIBCO Software Inc. (NASDAQ: TIBX), and Perseus Acquisition Corporation, a wholly-owned subsidiary of TIBCO.

The affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock was required to approve the proposal to adopt the merger agreement. According to the final vote tally of shares of Proginet common stock, approximately 69% of the outstanding shares of Proginet common stock as of July 30, 2010, the record date for the special meeting, were voted to approve the proposal to adopt the merger agreement. Under the terms of the merger agreement, Proginet's stockholders will receive $1.15 in cash, without interest and less any applicable withholding taxes, for each share of Proginet common stock they hold. Outstanding options will be canceled at closing, and the option holders will receive the amount by which the per share merger price exceeds the option exercise price, if any, without interest and less any applicable withholding taxes.

Subject to the satisfaction or waiver of certain conditions set forth in the merger agreement attached as Annex A to the Definitive Proxy Statement on Schedule 14A filed by Proginet with the Securities and Exchange Commission on August 9, 2010 and summarized in such Definitive Proxy Statement, Proginet expects the merger contemplated by the merger agreement to close on or about September 15, 2010.

At the effective time of the merger, Proginet will become a wholly-owned subsidiary of TIBCO and, approximately 24 hours following the effective time, will cease to be quoted on the OTC Bulletin Board.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13108 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12173 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9530 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9044 views comments | 11 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8552 views comments | 9 tweets | 18 linkedin

Featured job

circa £250K total package
London

Find your next job