Thomas & Betts shareholders have voted to approve a merger agreement, under which ABB will acquire Thomas & Betts for $72 per share in cash, the companies have announced.
At a special meeting, 99% of shares were voted in favor of the approval of the merger agreement, which represents approximately 75% of Thomas & Betts' total outstanding shares of common stock as of the recorded date for the meeting.
Approval of the merger agreement by Thomas & Betts shareholders satisfies one of the conditions to complete the acquisition of Thomas & Betts by ABB. The closing of the acquisition remains subject to clearance by the European Commission and the Canadian antitrust authorities and the other closing conditions set forth in the merger agreement.
The transaction has already been cleared by the U.S. and Turkish antitrust regulators.Â While a definitive closing date cannot yet be determined, ABB and Thomas & Betts continue to expect that the transaction will close around mid-year.