Pioneer shareholders approve acquisition by Olin

By Lisa Kerner

Charlotte, N.C., Aug. 28 - Pioneer Cos., Inc. shareholders approved the company's merger with Olin Corp. at a special meeting held on Tuesday. The transaction is set to close on Friday, a company news release stated.

As previously reported, Olin entered into an agreement in May to acquire Pioneer for $35 per share in cash. Both companies' boards of directors approved the agreement, which included a $15.63 million termination fee.

Olin, located in Clayton, Mo., manufactures chlor alkali, metal and ammunition products for commercial and industrial markets. Houston-based Pioneer manufactures chlorine, caustic soda, bleach, hydrochloric acid and related products.

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