Trane shareholders to vote June 5 on company's acquisition by Ingersoll-Rand

By Lisa Kerner

Charlotte, N.C., May 7 - Trane Inc. shareholders will vote on the company's proposed acquisition by Ingersoll-Rand Co., Ltd. at a special meeting on June 5 at 10 a.m. ET.

The record date for the meeting is April 23, according to a Trane news release.

The acquisition is expected to close on June 5, if approved by shareholders, Trane said.

It was previously reported that Ingersoll-Rand agreed to acquire Trane (formerly American Standard Cos. Inc.) for approximately $10.1 billion, including transaction fees and the assumption of about $150 million of Trane net debt.

Under the companies' definitive agreement, Trane shareholders will receive $36.50 in cash and 0.23 of a share of Ingersoll-Rand common stock for each Trane share held. The total consideration is $47.81 per share based on Dec. 14 closing stock prices, a prior news release said.

Trane provides heating, ventilation and air conditioning systems, dehumidifying and air cleaning products and advanced building controls to commercial and residential markets. The company is based in Piscataway, N.J.

Ingersoll-Rand is a diversified industrial firm based in Hamilton, Bermuda.

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