SP Plus Stockholders Approve Merger With Metropolis Technologies
Portfolio Pulse from Benzinga Newsdesk
SP Plus Corporation (NASDAQ:SP) stockholders have overwhelmingly approved the merger with Metropolis Technologies, with 99.94% of votes in favor. This merger will result in SP Plus becoming a wholly owned subsidiary of Metropolis, with SP+ stockholders receiving $54.00 per share in cash. The merger's completion is pending certain conditions, including regulatory approval under the HSR Act. Both companies are cooperating with the DOJ following a 'Second Request' for additional information.
February 12, 2024 | 1:13 pm
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SP Plus Corporation's stockholders have approved a merger with Metropolis Technologies, with a significant majority in favor. SP+ will become a wholly owned subsidiary of Metropolis, and stockholders are set to receive $54.00 per share in cash. The merger is subject to regulatory approvals.
The overwhelming approval of the merger by SP Plus stockholders and the agreed cash per share offer of $54.00 indicate a positive outlook for SP Plus's stock in the short term. The completion of the merger is still pending regulatory approval, which introduces some uncertainty. However, the companies' cooperation with the DOJ suggests a proactive approach to meeting regulatory requirements.
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