Online family history resource Ancestry.com (ACOM) announced that Institutional Shareholder Services or ISS, one of the leading independent U.S. proxy advisory firms, has recommended that the stockholders of Ancestry.com vote "FOR" the proposals in its proxy statement for the special meeting scheduled to be held on December 27, 2012.
At the special meeting, Ancestry.com's stockholders will be asked to consider and vote on proposals including (i) to adopt the merger agreement pursuant to which affiliates of Permira, a leading private equity firm, will acquire the Company, (ii) to approve certain compensation that may become payable to Ancestry.com's named executive officers in connection with the merger and (iii) to adjourn or postpone the special meeting, if necessary, to permit the further solicitation of proxies if there are not sufficient votes at the time of the special meeting to adopt the merger agreement.
In October, Ancestry.com said that it has agreed to be bought by a company owned by the Permira funds and co-investors for $32.00 per share in cash, totaling $1.6 billion.
The transaction represented a premium of 41 percent over Ancestry.com's closing stock price on June 5, the last trading day before press reports appeared that the firm retained a financial advisor in connection with a possible sale. The deal is expected to close in early 2013.
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