Water Pik Technologies, Inc. stockholders approved its merger with Coast Acquisition Corporation. Plans call for the merger to be completed on Wednesday, April 12, 2006.
As APPLIANCE magazine reported in January, personal care appliances maker Water Pik Technologies (Newport Beach, California, U.S.) and The Carlyle Group signed a definitive agreement for Water Pik to be acquired by Coast Acquisition. Coast Acquisition is a newly formed corporation 80-percent owned by Carlyle, a global private equity investment firm, and 20-percent owned by Zodiac S.A., an industrial company listed on the Paris Stock Exchange.
Stockholders will be entitled to receive U.S. $27.75 in cash for each share of common stock. The merger received antitrust clearance from the U.S. Federal Trade Commission on Feb. 22, 2006, and has antitrust clearance from Germany and Austria.
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