Verticalnet Inc. (VERT), a provider of on-demand supply management solutions, said Tuesday that it has received its shareholder approval for the proposed merger with BravoSolution S.p.A. The company expects to complete the transaction on January 25, 2008, subject to customary closing conditions.
At a special meeting of shareholders, the company's shareholders also approved the merger of a wholly-owned subsidiary of BravoSolution S.p.A. into Verticalnet.
In October 2007, Verticalnet agreed to be acquired by BravoSolution for about $15.2 million, including the assumption of all outstanding Verticalnet debt and other liabilities of Verticalnet related to the transaction.
According to the deal, BravoSolution, a provider of eSourcing solutions, will acquire all the outstanding shares of Verticalnet common stock at a price of $2.56 per share. BravoSolution will also acquire all the outstanding shares of Verticalnet Series B Preferred for $3.21 million.
BravoSolution agreed to purchase 322,007 shares of Verticalnet Series C Preferred Stock for $824,338 with the closing of this financing to be completed on October 31, 2007. The Series C Preferred Stock will be convertible into common stock at $2.56 per share.
VERT closed Tuesday's regular trading session at $2.45, up 5 cents or 2.08%.
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