At a special meeting, shareholders of information security company Aladdin Knowledge Systems Ltd. (Nasdaq: ALDN; TASE: ALDN) approved the acquisition of the company with Vector Capital.
Under the terms of the merger agreement, Aladdin shareholders will receive $11.50 per share in cash for each ordinary share they hold at the closing of the merger plus an amount in cash equal to each shareholder's pro rata portion of the amount, if any, by which Aladdin's cash level exceeds $12 million. The transaction is expected to close at the end of March.
The agreement is subject to Aladdin having cash and cash equivalents of at least $7 million, and working capital of at least $13.5, million at the time of closing. The deal must also be approved by anti-trust regulators in Israel and Germany.
When the deal is closed, Petah Tikva-based Aladdin's shares will no longer trade on Nasdaq.
Shares in Aladdin closed at $10.87 in Nasdaq trading on Friday.
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