Kronos(R) Shareholders Approve Acquisition by Hellman & Friedman Friday June 8, 10:25 am ET
CHELMSFORD, Mass.--(BUSINESS WIRE)--Kronos� Incorporated (Nasdaq: KRON - News) today announced that shareholders of the company voted to approve the merger agreement providing for the acquisition of Kronos by entities affiliated with Hellman & Friedman Capital Partners VI, L.P., a private equity investment firm. Investing alongside Hellman & Friedman is JMI Equity, a private equity firm focused on the software and business services industries. The vote was conducted at a special meeting of Kronos shareholders held today at the offices of Wilmer Cutler Pickering Hale and Dorr LLP in Boston, Mass.
Based on the preliminary tally of shares voted, the number of shares that voted to approve the merger agreement represents approximately 79% of the total number of shares of Kronos common stock outstanding and entitled to vote as of the close of business on April 30, 2007, the record date for the special meeting.
The proposed merger was announced on March 23, 2007 and is expected to close on June 11, 2007, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Under terms of the merger agreement, shareholders will receive $55.00 per share in cash for each share of Kronos common stock held.