Albemarle and Rockwood shareholders approve transaction
At Albemarle's special meeting, Albemarle shareholders approved the issuance of Albemarle common stock to Rockwood shareholders in connection with the proposed merger.
At Rockwood's special meeting, Rockwood shareholders approved the adoption of the agreement and plan of merger, pursuant to which a wholly-owned subsidiary of Albemarle will merge with and into Rockwood with Rockwood becoming a wholly-owned subsidiary of Albemarle.
"We are pleased with the support from both Albemarle and Rockwood shareholders, which reaffirms the strategic merits of this combination and represents another important step in creating a premier specialty chemicals company," said Luke Kissam, Albemarle's president and chief executive officer.
"I want to give my appreciation and thanks to our shareholders for their continued support and Rockwood's employees for all their hard work and focus as we move closer to completing this transaction," said Robert J. Zatta, Rockwood's chief executive officer.
As previously announced on July 15, 2014, the Boards of Directors of both Albemarle and Rockwood approved a definitive agreement under which Albemarle will acquire each outstanding share of Rockwood common stock for $50.65 in cash and 0.4803 of a share of Albemarle common stock.
On November 13, 2014, Albemarle received regulatory clearance for the transaction from the European Commission. The transaction, which is expected to close in the first quarter of 2015, remains subject to the satisfaction of the closing conditions set forth in the merger agreement, including regulatory approvals in China. ■