Toys ‘R’ Us shareholders voted overwhelmingly to adopt a merger d...
Toys “R” Us shareholders voted overwhelmingly to adopt a merger deal, allowing acquisition of the company by an investment group made up of Bain Capital Partners, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust affiliates, the company said…
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Thurs. The deal was for $6.6 billion and assumption of debt. The vote came at a special meeting in N.Y. with about 98% of stockholders present and voting adopting the merger deal. The company said the number of shares voting to adopt the merger deal represented about 61% of the total number of shares outstanding and entitled to vote. Toys “R” Us also said the Del. Court of Chancery denied a request by the Iron Workers of Western Pa. Pension & Profit Plans and Jolly Roger Fund for a preliminary injunction and delay of the closing of the merger. The merger plan, announced March 17 (CED March 18 p6), is expected to close by the end of July, pending satisfaction or waiver of all closing conditions of the deal. The company will become private as a result. Under the deal’s terms, company stockholders will receive $26.75 per share in cash without interest, Toys “R” Us said. The company said early this week CEO John Eyler and COO Christopher Kay will resign when the acquisition is completed (CED June 23 p10).