SRA Shareholders Approve Merger Agreement With Affiliates Of Providence Equity Partners
SRA International, Inc. (NYSE: SRX), a leading provider of technology
and strategic consulting services and solutions to government
organizations and commercial clients, today announced that SRA
shareholders, at a...
SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations and commercial clients, today announced that SRA shareholders, at a special meeting held earlier today, approved the proposal to adopt the previously announced merger agreement, dated March 31, 2011, among SRA and affiliates of Providence Equity Partners providing for the acquisition of SRA by an affiliate of Providence. The approval included both the affirmative vote of the holders of (i) a majority of the outstanding shares of common stock of SRA and (ii) a majority of the outstanding shares of Class A common stock of SRA (excluding shares beneficially owned, whether directly or indirectly, by Dr. Ernst Volgenau, the chairman of the board of directors of SRA), as required by the merger agreement. At the special meeting of shareholders, there were 155,260,518 shares voted by proxy or in person, representing 94.7% of SRA’s total outstanding shares as of the June 13, 2011 record date. 94.7% of the total outstanding shares of common stock of SRA, and 81.3% of the total outstanding shares of Class A common stock of SRA (excluding shares beneficially owned, whether directly or indirectly, by Dr. Volgenau), in each case, as of the record date, were voted to approve the proposal to adopt the merger agreement, which represented 99.9% and 99.7%, respectively, of the shares that were voted at the special meeting. The consummation of the acquisition of SRA by an affiliate of Providence remains subject to the satisfaction or waiver of a number of customary closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission by SRA on June 15, 2011. About SRA International, Inc. SRA and its subsidiaries are dedicated to solving complex problems of global significance for government organizations and commercial clients serving the national security, civil government, health, and intelligence and space markets. Founded in 1978, the company and its subsidiaries have expertise in such areas as cyber security; disaster response planning; enterprise resource planning; environmental strategies; IT systems, infrastructure and managed services; learning technologies; logistics; public health preparedness; public safety; strategic management consulting; and systems engineering.
SRA International (NYSE:SRX) hit a new 52-week high Wednesday as it changed hands at $29.89 compared with its previous 52-week high of $27.70. SRA International is currently trading at $28.48 with 990,877 shares changing hands as of 3:01 p.m..