Shareholders OK Kronos Buyout

The company will go private in a $1.8 billion deal.
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Shareholders of workforce management software maker

Kronos

(KRON)

voted Friday to accept a $1.8 billion buyout offer made by two equity investment firms.

The $55-a-share offer was made March 23 by Hellman & Friedman Capital Partners and JMI Equity. The all-cash deal is expected to close Monday, Chelmsford, Mass.-based Kronos said.

The offer was a premium of 35% above its March 15 close at $40.61.

About 79% of shares were voted in favor of the sale. The stock closed Thursday at $54.80.

The company has 3,400 employees and had revenue of $578 million in 2006.