![SP Plus shareholders approve merger with Metropolis Technologies](https://i-invdn-com.investing.com/news/LYNXMPEA6606G_L.jpg)
© Reuters.
CHICAGO – SP Plus Corporation (NASDAQ: NASDAQ:), a number one supplier of parking administration and mobility options, introduced at the moment that its shareholders have overwhelmingly permitted the proposed merger with Metropolis Technologies, Inc. This determination was reached throughout a particular assembly of stockholders held on Thursday, the place roughly 99.94% of votes forged have been in favor of the settlement.
The merger settlement, initially dated October 4, 2023, stipulates that SP Plus will merge with a direct, wholly owned subsidiary of Metropolis, with SP Plus surviving the merger as a subsidiary of Metropolis. Stockholders of SP Plus are set to obtain $54.00 per share in money, with out curiosity and topic to any required tax withholding, upon the closing of the merger.
This approval by SP Plus stockholders satisfies one of many essential situations for the completion of the merger. However, the merger continues to be topic to different closing situations, together with the expiration or termination of the ready interval below the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
On February 5, 2024, each SP Plus and Metropolis obtained a request for extra data from the Antitrust Division of the Department of Justice, which extends the ready interval below the act till 30 days after each corporations have complied with the request, except terminated sooner by the DOJ or prolonged voluntarily by the events concerned.
The corporations have dedicated to completely cooperate with the DOJ in its overview of the merger. Detailed outcomes of the vote will probably be disclosed in a Form 8-Ok, which SP Plus will file with the U.S. Securities and Exchange Commission.
Morgan Stanley & Co LLC (NYSE:) and Skadden, Arps, Slate, Meagher & Flom LLP are serving as monetary and authorized advisors to SP Plus, respectively. Metropolis has enlisted the advisory providers of Goldman Sachs & Co (NYSE:). LLC and BDT & MSD Partners, LLC, with authorized counsel from Willkie Farr & Gallagher LLP and Fenwick & West LLP.
SP Plus is understood for integrating expertise with operations administration to ship environment friendly mobility options. The firm employs over 20,000 group members throughout North America and Europe.
This merger is predicted to shut upon assembly the remaining situations, as each SP Plus and Metropolis work by the regulatory course of. The data relating to this merger is predicated on a press launch assertion.
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