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Good day ladies and gentlemen, and welcome to the Pre-Paid Legal first quarter earnings results conference call. At this time, all participants' are in a listen-only mode. (Operator instructions)
I would now like to turn the conference over to your host, Mr. Randy Harp, Chief Operation Officer. Please go ahead.
Thank you Ally. I want to welcome everyone to the 2011 first-quarter earnings conference call for Pre-Paid Legal Services Inc. Joining me here at our home office is Steve Williamson, our Chief Financial Officer.
Before we begin, I like to remind everyone that the conference call will contain forward-looking statements, including our expectations of future results and future plans. Actual results might differ materially from those projected in those forward-looking statements. Additional information concerning risk factors that could cause the results to differ materially from these forward-looking statements are contained in our press releases announcing our earnings as well as disclosures in our other public reports on Forms 10-K, 10-Q, and 8-K and any amendments filed thereto with the SEC, and those reports are available both on the SEC’s EDGAR website as well as Pre-Paid Legal’s website.
As we have mentioned previously and publicly announced, we entered into a definitive merger agreement on January 30, 2011 with newly created entities formed by MidOcean Partners, a New York private equity firm, and the merger agreement provides that MidOcean will acquire all the outstanding shares of Pre-Paid for a cash payment of $66.50 per share, or approximately $650 million in the aggregate. The closing of the transaction is subject to certain terms and conditions customary for transactions of this type, including receipt of stockholder and regulatory approvals.