Zones shareholder meeting adjourned to Dec. 19

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Zones, Inc. convened and adjourned its special meeting of shareholders as planned on Thursday.

The meeting was adjourned to 1 p.m. ET on Dec. 19.

Record date for the meeting remains Oct. 6, a Zones news release said.

Zones said it will send supplemental proxy materials to shareholders regarding its amended merger agreement with Zones Acquisition Corp., owned by Zones chairman, chief executive officer and majority shareholder Firoz H. Lalji.

It was previously reported that Lalji reduced the offer price for the company to $7.00 from $8.65 per share in the belief that the surviving corporation may not remain within the lender's financial covenants if it borrows the previously contemplated amount of debt financing required for the deal at the $8.65-per-share price.

The merger is expected to close by Dec. 31.

Zones is a single-source direct marketing reseller of name-brand information technology products. The company is located in Auburn, Wash.

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