Allied Capital (ALD) Stockholders Approve Merger with ARCC Odyssey Corp.

March 26, 2010 10:58 AM EDT Send to a Friend
Allied Capital Corporation (NYSE: ALD) announced today that its stockholders have approved the merger of Allied Capital and ARCC Odyssey Corp., a wholly owned subsidiary of Ares Capital Corporation, and the Agreement and Plan of Merger dated as of October 26, 2009 by the required affirmative vote of the holders of at least two-thirds of the outstanding shares of Allied Capital common stock. Immediately following the merger with ARCC Odyssey Corp., Allied Capital will merge with and into Ares Capital, with Ares Capital as the surviving company. The vote was taken at today's Special Meeting of Stockholders.

Following the special meeting, Allied Capital's Board of Directors declared a special dividend of $0.20 per share payable to Allied Capital stockholders of record on today's date. The dividend will be funded at the closing of the merger and disbursed promptly afterwards. It is important to note that the dividend reinvestment plan will not apply to this special dividend and stockholders will receive such dividend in cash.

Allied Capital anticipates the closing of the merger to take place on or around April 1, 2010, subject to the satisfactory completion, or waiver where legally permissible, of final closing conditions.

In connection with the merger, a request was submitted on behalf of Allied Capital to the New York Stock Exchange for withdrawal of the listing of its common stock. Allied Capital's proposed delisting is contingent on, among other conditions, the closing of the merger. To effect the delisting, the New York Stock Exchange will file a Form 25 with the Securities and Exchange Commission.

You May Also Be Interested In





Related Categories

Corporate News, Mergers and Acquisitions

Related Entities

Dividend

Add Your Comment