The Pantry Inc. announced that its stockholders approved the previously announced Agreement and Plan of Merger with a U.S. subsidiary of Alimentation Couche-Tard Inc. at its special meeting of stockholders.
Based on the tabulation of the stockholder vote, approximately 99% of the total votes cast, which represents approximately 84% of the total shares outstanding as of the Feb. 3, 2015 record date for the special meeting, were voted in favor of the merger.
Under the terms of the Merger Agreement, The Pantry’s stockholders will receive $36.75 in cash per share, without interest, at the closing of the transaction. The transaction remains subject to customary closing conditions, including the receipt of necessary governmental and regulatory approvals.
The Pantry’s stockholders also approved, on an advisory (non-binding) basis, the compensation that may become payable to The Pantry’s named executive officers in connection with the merger.
BofA Merrill Lynch is acting as exclusive financial advisor to The Pantry. Willkie Farr & Gallagher LLP and Smith Anderson are acting as legal advisors to The Pantry.