Royal Appliance Mfg. Co. announced it has set the date for the special meeting of Shareholders' to vote on the proposed acquisition by Techtronic Industries. The meeting has been set for April 22, 2003. Proxy materials are to be mailed on or about March 14, 2003 to shareholders of record on Feb. 28, 2003. The Company and TTI have also extended the termination date of the Merger Agreement from April 15, 2003 to May 15, 2003. Assuming approval by the shareholders' of TTI (scheduled to vote later this month) and the Royal Shareholders, the merger is expected to be completed immediately following the Royal Shareholders' Meeting.
As previously announced, Royal has entered into a definitive agreement for its acquisition by TTI. The agreement provides for Royal Appliance shareholders to receive U.S. $7.37 per share in cash, or a total purchase price of approximately U.S. $105 million. Under the terms of the agreement, Royal will be merged with a subsidiary of TTI which, following the completion of the merger, will operate as a wholly owned indirect subsidiary of TTI. The transaction is expected to close on April 23, 2003. It is subject to, among other things, the approval by the shareholders of both TTI and Royal Appliance. The parties have received early termination of the Hart-Scott-Rodino Act waiting period.
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