Coinmach stockholders OK merger with Babcock & Brown affiliate

By Lisa Kerner

Charlotte, N.C., Nov. 12 - Coinmach Service Corp. shareholders voted to approve the company's acquisition by Babcock & Brown Ltd. affiliate Spin Holdco Inc. at a special meeting on Nov. 9.

According to a company news release, 100% of the outstanding shares of Coinmach's class B common stock and 60.8% of the outstanding shares of Coinmach's class A common stock, or some 84.9% of the total voting power of Coinmach's common stock entitled to vote at the meeting, were voted in favor of the merger.

The transaction is expected to close on Nov. 15.

Under the companies' June 14 merger agreement, Coinmach stockholders will receive $13.55 cash per share.

Coinmach is a laundry equipment services company based in Plainview, N.Y.

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