ChoicePoint shareholders approve $4 billion deal with Reed Elsevier

By Lisa Kerner

Charlotte, N.C., April 16 - ChoicePoint Inc. said its shareholders "overwhelmingly" voted to approve the acquisition of the company by Reed Elsevier at a special meeting held Wednesday.

More than 99.5% of all votes cast were in favor of the transaction, the company said.

The votes cast in favor of the transaction constitute more than 83.2% of all outstanding shares on March 14, the record date for the meeting, according to a ChoicePoint news release.

Closing of the transaction is expected to occur in the summer of 2008 subject to regulatory approval as well as satisfaction of customary closing conditions.

On Feb. 21, it was reported that Reed Elsevier agreed to acquire ChoicePoint for $50 per share, or $4 billion.

Reed Elsevier chief executive officer Sir Crispin Davis said in a prior news release that the acquisition will help build the company's risk management business as well as aid in the development of its online workflow solutions strategy.

Alpharetta, Ga.-based ChoicePoint provides identification and credential verification services.

Reed Elsevier is a publisher and information provider based in London. The company is jointly owned by Reed Elsevier plc and Reed Elsevier NV.

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