Young Innovations Announces Date Of Special Meeting Of Shareholders, Early Termination Of Hart-Scott-Rodino Waiting Period And Preliminary Results Of Go-Shop Process
ST. LOUIS, Jan. 3, 2013 /PRNewswire/ -- Young Innovations, Inc. (Nasdaq: YDNT) (the "Company" or "Young") today announced that it will hold a special meeting of shareholders on January 30, 2013 at 10:00 a.m. (CST) at the offices of McDermott Will & Emery LLP, 227 West Monroe Street, Chicago, Illinois. At the special meeting, shareholders of the Company will be asked to consider and vote upon a proposal to adopt the previously announced Agreement and Plan of Merger (the "Merger Agreement") which provides for acquisition of the Company by an affiliate of Linden Capital Partners. Shareholders of record of the Company as of the close of business on January 2, 2013 are entitled to notice of and to vote at the special meeting of shareholders.
The Company also announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Act as of December 26, 2012.
The Company also provided preliminary results of the "go-shop" process it has been engaged in since the signing of the Merger Agreement. The Merger Agreement permits the Company, until 11:59 p.m. (CST) on January 12th, to solicit alternative acquisition proposals from third parties. The Company's exclusive financial advisor, Robert W. Baird & Co. Incorporated ("Baird"), contacted 62 potential financial buyers and 28 potential strategic buyers. Baird communicated to each of these potential buyers that the Company was looking for indications of interest by December 28, 2012. Despite conducting an active and extensive solicitation of potentially interested parties, the Company had not received any alternative acquisition proposals as of the close of business on January 2, 2013. Based on discussions with Baird and their feedback from the financial and strategic buyers contacted, the Company does not currently expect that an acquisition proposal will be made prior to January 12, 2013, the end of the go-shop period. The Company will continue to actively solicit, initiate, facilitate or encourage inquiries regarding a possible acquisition proposal through the end of the go-shop period in accordance with the terms of the Merger Agreement.
The Company expects to close the merger as soon as practicable following receipt of shareholder approval of the proposed merger at the special meeting.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV