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Meadow Valley stockholders to vote on going-private transaction at special meeting Dec. 26
By Lisa Kerner
Charlotte, N.C., Dec. 4 - Meadow Valley Corp. will hold a special meeting of stockholders on Dec. 26 at 1 p.m. ET to approve the company's proposed acquisition by Insight Equity I LP affiliates Phoenix Parent Corp. and Phoenix Merger Sub, Inc.
Record date for the meeting is Nov. 28, according to a Meadow Valley news release.
In July Meadow Valley, a Phoenix construction materials company, agreed to be taken private by Insight, a Dallas-based investment company, for $11.25 per share in cash or a total of $61.3 million.
Meadow Valley disagrees with Phoenix Parent's claim that the company has suffered a material adverse effect and said it will defend itself if Phoenix Parent terminates the merger based on that claim.
The alleged material adverse effect allegedly occurred due to a decrease in the fair market value of Meadow Valley in excess of $6.0 million since the date of the merger agreement, Phoenix Parent said.
It was previously reported that Meadow Valley and Insight agreed to extend the termination date of the merger agreement to Jan. 7 from Dec. 31.
The merger agreement includes termination rights for both companies, with fees of $1.5 million and approximately $2.5 million payable under certain circumstances.
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