Rev Group, Inc. and the Terex Corporation have each received the necessary stockholder approvals to complete the previously announced merger of the two companies.
Rev Group said based on the results of the votes at each of the company’s special meetings, the companies expect to close the transaction in the first week of February.
Rev Group CEO Mark Skonieczny said the voting results proved what Rev Group already knew.
“These results solidify our belief that the transaction will unlock significant value for both Terex and Rev stockholders,” Skonieczny said. “[It will] create exciting opportunities for our employees and customers by strengthening our ability to invest in the combined business, innovate and deliver quality solutions.”
More than 80% of the 48,806,145 outstanding shares of Rev common stock (over 99% of the votes cast at the meeting) voted in favor of the merger.
Terex CEO Simon Meester said more than 95% of the votes cast by his company’s stockholders were in favor of the merger.
“Today’s vote demonstrates our stockholders’ confidence in our strategic combination with Rev,” Meester said, “which will create a stronger, more diversified company with a complementary portfolio of specialty equipment businesses, enhanced financial flexibility and significant value-creating synergies that position us for sustainable, long-term growth.”
The closing of the merger is still subject to the satisfaction or waiver of the remaining closing conditions.
