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Aladdin shareholders OK deal with Vector Capital affiliate; merger could close in March
By Lisa Kerner
Charlotte, N.C., Feb. 20 - Aladdin Knowledge Systems Ltd. shareholders approved the acquisition of the company by a Vector Capital affiliate at a special meeting on Friday.
In January, an investor group led by Vector Capital agreed to acquire Aladdin in a transaction valued at about $160 million.
Aladdin said its shareholders will receive $11.50 per share. In addition, shareholders will receive cash in an amount equal to their pro rata portion of the amount, if any, by which the company's cash exceeds $12 million at the time of the closing.
The transaction is expected to close at the end of March, subject to the receipt of anti-trust approvals in Israel and Germany or the expiration of applicable waiting periods, Aladdin said.
Aladdin must also have minimum cash and cash equivalents of at least $7 million and minimum working capital of at least $13.5 million at the time of the merger's close.
Once the merger is complete, Aladdin's ordinary shares will cease to be traded on the Nasdaq and the Tel Aviv Stock Exchange.
Aladdin is a Petach Tikva, Israel-based company that provides security solutions that reduce software theft, authenticate network users and protect against spam and viruses.
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