Cbeyond, Inc. (NASDAQ: CBEY) reported that its stockholders approved the merger agreement by Birch Communications, Inc., Cbeyond, and a wholly owned subsidiary of Birch.
Approximately 97.4 percent of the shares voting were voted in favor of the adoption of the merger agreement, which represented approximately 83.9 percent of Cbeyond´s total outstanding shares of common stock as of June 2, 2014.
Birch and Cbeyond entered into a definitive agreement under which Birch will acquire Cbeyond in an all-cash merger transaction valued at approximately USD323m.
Upon the closing of the merger transaction, Cbeyond will become a wholly owned subsidiary of Birch, and the Cbeyond stockholders will be entitled to receive the per share merger consideration for each share of Cbeyond common stock owned at the time of the merger transaction´s closing. Based on the information available as of July 9, 2014, Cbeyond believes that the per share merger consideration in the merger will be USD10.00. Cbeyond expects the merger transaction to close on or around July 18, 2014, subject to the satisfaction of the closing conditions set forth in the merger agreement.
Cbeyond is the technology ally for small and mid-sized businesses. Visit www.cbeyond.com for more information.