CHICAGO, Sept. 11, 2012 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), one of the nation's leading providers of parking management, ground transportation and other ancillary services, today announced that its stockholders have voted to approve the issuance of Standard Parking's common stock in the proposed merger with Central Parking Corporation.
At the special meeting of Standard Parking's stockholders held on September 11, the holders of 99.8% of Standard Parking's common stock present in person or by proxy and entitled to vote on the proposal at the meeting voted in favor of the proposal.
"We are extremely pleased that our stockholders have given their overwhelming support to the merger with Central Parking," said James Wilhelm, President and Chief Executive Officer of Standard Parking Corporation. "When the transaction is completed, the combined company will manage more than 4,400 parking facilities, containing approximately 2.2 million parking spaces in hundreds of cities, expanding our national footprint and increasing our opportunities to cross-sell our diverse product and service lines. We anticipate that this transaction will generate annual run-rate synergies of at least $20 million by the end of the second year after closing. We have made significant progress in laying the foundation for a successful integration, and look forward to moving forward and promptly completing the transaction as scheduled."As previously announced, in the merger, Standard Parking will issue additional shares of common stock such that Central Parking's stockholders will hold 6.16 million shares, or 28%, of the combined company on a diluted basis (subject to reduction under certain circumstances as provided in the merger agreement). Central Parking's stockholders will be entitled to receive $27 million in cash consideration (subject to adjustment as provided in the merger agreement) to be paid in three years to the extent it is not used to satisfy indemnity obligations that may arise under the agreement.