RCN’s shareholders approve merger with Abry

Fri, 05/21/2010 - 8:20am
Mike Robuck

RCN announced at a recent special meeting that its stockholders had approved the merger with Abry Partners.

During the special meeting on Wednesday, approximately 83 percent of the shares of RCN common stock issued and outstanding as of the close of business on April 12, the record date for the special meeting, were present in person or by proxy.

Of the shares present at the special meeting, approximately 99 percent were voted in favor of the adoption of the agreement and plan of merger, representing approximately 82 percent of the total number of shares of RCN common stock issued and outstanding as of the record date.

The merger is subject to the usual closing conditions and regulatory approvals, but RCN said it still expected the transaction to be completed by the second half of this year. The end result of the merger would be to privatize RCN.

When the merger was first announced on March 5, Abry said it was paying $15 per share for RCN, which amounted to $1.5 billion.

Abry will also assume RCN’s debt, which is currently more than $700 million.

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