Kronos shareholders to vote June 8 on $1.8 billion buyout

By Lisa Kerner

Charlotte, N.C., April 30 - Kronos Inc.'s shareholders will vote on the acquisition of Kronos by entities affiliated with Hellman & Friedman LLC at a special meeting on June 8 in Boston. The company said shareholders of record as of April 30 will be entitled to vote.

Under the proposed acquisition, Kronos shareholders will receive $55.00 in cash per share of common stock in a transaction valued at $1.8 billion, according to a company news release.

The company previously announced a debt financing commitment to help back its buyout by Hellman & Friedman and JMI Equity, with Wachovia Bank the lead bank on the deal.

Other leveraged buyout financing will come from equity financing of $752.9 million, cash, cash equivalents and short-term investments of Kronos.

Kronos is a Chelmsford, Mass., provider of human capital management services.

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