Nov 22 2010
Otix Global, Inc. (Otix) (Nasdaq: OTIX) announced today that its shareholders voted to approve the Agreement and Plan of Merger dated September 13, 2010 between Otix and William Demant Holding A/S (WDH), as subsequently amended on October 6, 2010 and October 14, 2010 (the merger agreement). The merger agreement provides that WDH will acquire all the outstanding common stock of Otix. Of the shares voted, approximately 99.5% voted in favor of the proposal to adopt the merger agreement, which represented approximately 68.3% of the total outstanding shares as of October 18, 2010, the record date.
Under the terms of the merger agreement, Otix shareholders will receive $11.01 in cash for each share of Otix common stock they own. Completion of the merger remains subject to clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. Subject to the satisfaction of these conditions, the merger is expected to close within the next week.