KEMET Corporation announced that its stockholders have voted to approve the proposed acquisition by Yageo Corporation.
Approximately 96% of the votes cast, and 68% of the shares outstanding and entitled to vote, voted in favor of the transaction at the special meeting of KEMET stockholders (the “Special Meeting”).
Frank G. Brandenberg, Chairman of the KEMET Board of Directors, said, “On behalf of the KEMET Board of Directors, I would like to thank our stockholders for their support of this transaction. The combined company will have a strengthened position as a leading global manufacturer of passive electronic components able to provide customers with the broadest selection of passive component technologies and superior service in the industry. We look forward to continuing to work with Yageo to complete this transaction.”
Under the terms of the merger agreement, which was announced in November 2019, upon consummation of the transaction, KEMET stockholders will be entitled to receive $27.20 in cash for each share of KEMET common stock they own.
The transaction remains on track to close in the second half of 2020, subject to additional customary closing conditions and the receipt of the remaining required regulatory approvals. Following the consummation of the transaction, KEMET will become a wholly owned subsidiary of Yageo, and KEMET’s common stock will no longer be listed on any public market.
After certification by KEMET’s inspector of elections, the final voting results for the Special Meeting will be filed with the U.S. Securities and Exchange Commission (SEC) in a Current Report on Form 8-K and will also be available at https://ir.kemet.com.