BWAY, a North American supplier of general line rigid containers, has received stockholders approval on the proposal to adopt the merger agreement.
BWAY was acquired by the entities created by certain affiliates of Madison Dearborn Partners (MDP), in pursuant to the agreement. The approval included the affirmative vote of the holders of a majority of the outstanding shares of common stock of the company and a majority of the outstanding shares of common stock of the company that are not held by affiliates of Kelso, as required by the merger agreement.
According to the final tally of shares voted, more than 83% of the outstanding shares of common stock of the company and 73% of the outstanding shares of common stock of the company that are not held by affiliates of Kelso, were voted to approve the proposal to adopt the merger agreement.
All approvals, consents or consultations required to consummate the merger under the US and foreign antitrust laws have been obtained or made. Accordingly, the related condition to the consummation of the merger set forth in the merger agreement has been fully satisfied.
The consummation of the merger remains subject to the satisfaction or waiver of certain other closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement on schedule 14A. This proxy statement is filed with the securities and exchange commission by the company on May 7, 2010.
Subject to satisfaction or waiver of all conditions to closing, the parties expect that the merger will be completed by the end of the second calendar quarter of 2010.