Power-One's Stockholders Approve Acquisition by ABB

July 23, 2013
ABB will acquire power generation company for $6.35 per share.
CAMARILLO, Calif., -- Power-One, Inc., a provider of renewable energy and energy-efficient power conversion and power management solutions, announced that at its special meeting of stockholders held today, the stockholders approved the adoption of the merger agreement, pursuant to which ABB will acquire Power-One for $6.35 per share of Power-One common stock.According to the final tally of shares voted, approximately 98%  of the shares voting at today's meeting voted in favor of the proposal to adopt the merger agreement. These shares represented approximately 73.3% of the total outstanding shares of Power-One common stock as of the June 18, 2013, record date for the meeting. All of the issued and outstanding shares of the company's Series C Junior Participating Convertible Preferred Stock voted in favor of the proposal to adopt the merger agreement. In addition, the stockholders also approved the nonbinding advisory compensation proposal included in the proxy statement filed on June 20, 2013.As previously announced, on April 21, 2013, ABB agreed to acquire Power-One in an all-cash transaction valued at approximately $1.0 billion.The transaction has already received the required antitrust approvals and Power-One and ABB expect to complete the transaction by the end of this week.