logo
Share SHARE
FONT-SIZE Plus   Neg

ALJ Regional Stockholders Approve Sale Of KES Acquisition To Optima Specialty

ALJ Regional Holdings Inc. (ALJJ.PK) announced Friday that its stockholders approved sale of KES Acquisition Company, ALJ's majority-owned subsidiary, to Optima Specialty Steel, Inc. for $112.5 million in cash.

All of the shares voting at the special meeting of stockholders, which was held on December 21, 2012, voted in favor of the Merger, representing approximately 62% of ALJ's total outstanding shares of common stock as of the November 28, 2012 record date.

The approval of the stockholders of ALJ was one of the remaining conditions to the closing of the Merger. The Merger remains subject to other customary closing conditions as specified in the Merger Agreement, including Optima securing sufficient financing to complete the transaction.

ALJ's previously announced offer to purchase up to 30 million shares of its outstanding common stock under its modified "Dutch auction" tender offer remains open and is currently set to expire at 12:00 midnight, New York City time, on January 17, 2013, unless further extended. The tender offer is conditioned upon completion of the Merger, which, in turn, is conditioned upon Optima securing sufficient financing.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
American Airlines Group said pilots at its subsidiaries American Airlines and US Airways, represented by Allied Pilots Association, have approved a new five-year contract which provides immediate pay raises of 23 percent and subsequent annual raises of three percent for the next five years. LEGO Group, TT Games and Warner Bros. Interactive Entertainment have announced their 2015 slate of video games, including LEGO Jurassic World, LEGO Marvel's Avengers, and as well as new hand-held and mobile titles. Social-networking giant Facebook, Inc. is said to be testing their new 'Place Tips' feature for iOS users that will rival a similar service being provided by Yelp or Foursquare. The feature will provide the user relevant content about their location as long as they are there through pop ups on their news feed page of Facebook.
comments powered by Disqus
Follow RTT