Cybex International Inc., Medway, MA, has received the required shareholder approval for the company to go private, the company announced today.
In the "going private" merger approved in October by the company's board of directors, each of Cybex's outstanding shares of common stock—other than shares owned by its largest shareholder, UM Holdings Ltd. and UM's subsidiaries and shareholders, which include John Aglialoro and Joan Carter—will be converted into $2.55 per share payable in cash. Aglialoro is chairman and CEO of Cybex. Carter is on the Cybex board. The two, who are married, also own UM Holdings.
The approval came at a special meeting of shareholders held today. About 84 percent of the outstanding shares were voted at the meeting, including more than 68 percent of outstanding shares held by the public shareholders, according to Cybex. Of the proxies received from the public shareholders, more than 95 percent were voted in favor of the merger.
In the announcement, Cybex said that consummation of the merger is still subject to standard closing conditions, but the company expects conditions to be met within the next week. Once that happens, Cybex shares will be deregistered and will no longer be traded on any market.