Xerium Technologies Announces Stockholder Approval of Merger with Andritz
September 7, 2018
YOUNGSVILLE, N.C. (News release) -- Xerium Technologies, Inc. announced that the Company's stockholders voted at a special meeting held to approve the previously announced merger agreement with Andritz AG, pursuant to which Xerium would be acquired by Andritz. Approximately 81.9% of the total issued and outstanding shares of Xerium common stock voted to approve the merger, exceeding the required vote of a majority of the issued and outstanding shares, and representing approximately 99.8% of the total votes cast at the special meeting on this proposal.
Mark Staton, Xerium's Chief Executive Officer said, "Today's favorable vote clearly supports our view that Andritz's proposal to acquire Xerium is the best outcome for all of our stockholders. We are also excited for our employee and customer stakeholders who we expect to benefit from the combined enterprise."
The final voting results will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission later today. Xerium expects the transaction to close during the fourth quarter of 2018, depending upon remaining regulatory approvals and other customary closing conditions. As previously disclosed, on July 27, 2018, the parties to the transaction received early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The parties have also received clearance from Austria and Germany to proceed with the merger.
