TTI Team Telecom (TTIL) Approves Merger With TEOCO
TTI Team Telecom International Ltd. (Nasdaq: TTIL) said shareholders voted to adopt and approve the merger with TEOCO Israel Ltd..
Upon the closing of the Merger, which is expected to occur at the end of August 2010, TTI Telecom will become a private company and the outstanding ordinary shares and preferred shares of TTI Telecom will be automatically converted into the right to receive a payment in cash, without interest and less any applicable withholding tax, equal to $3.00, which amount may be increased or decreased at the closing of the Merger Agreement to the extent that TTI Telecom's cash balance immediately prior to the closing is above or below the respective agreed upon amounts, and will be decreased to the extent TTI Telecom's transaction expenses are above an agreed upon amount. However, these adjustments may not result in the purchase price per share being lower than $2.90, without interest.
The transaction is expected to close in late August 2010.
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Upon the closing of the Merger, which is expected to occur at the end of August 2010, TTI Telecom will become a private company and the outstanding ordinary shares and preferred shares of TTI Telecom will be automatically converted into the right to receive a payment in cash, without interest and less any applicable withholding tax, equal to $3.00, which amount may be increased or decreased at the closing of the Merger Agreement to the extent that TTI Telecom's cash balance immediately prior to the closing is above or below the respective agreed upon amounts, and will be decreased to the extent TTI Telecom's transaction expenses are above an agreed upon amount. However, these adjustments may not result in the purchase price per share being lower than $2.90, without interest.
The transaction is expected to close in late August 2010.
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