RCN Shareholders Approve Merger
ABRY Deal Should Close in Second Half
Mike Farrell 5/20/2010 1:51:36 PM
RCN said Wednesday that its shareholders have approved its pending merger with ABRY Partners, clearing another hurdle toward closing the transaction.
According to RCN, at a special meeting of shareholders on May 19, about 82% of its outstanding shares were voted in favor of the merger.
ABRY agreed in March to pay about $15 per share in cash for RCN, or a total of $1.2 billion, including debt. ABRY, based in Boston, is a long-time investor in the cable industry. The deal, which will take RCN private, is expected to close in the second half of the year.