Zareba Systems, announced its shareholders voted to approve the previously-announced merger agreement from Jan. 11. a newly-formed subsidiary of Woodstream will merge with and into Zareba, with Zareba becoming a wholly-owned subsidiary of Woodstream. The votes in favor of approval and adoption of the merger agreement and the merger represented more than 99 percent of the shares voted at the special meeting and approximately 83 percent of the shares of Zareba's common stock as of Feb. 17, the record date for the meeting.
Under the terms of the merger agreement, Zareba shareholders will receive US$9 in cash for each share of Zareba common stock. This price represents a premium of approximately 100 percent over the closing price of Zareba stock on Jan. 11, the last trading day before the announcement of the merger agreement. The merger is expected to close April 1.