Knology stockholders approve merger deal with WOW
Yesterday, during a special shareholders meeting, Knology stockholders approved the $1.5 billion merger agreement that was put forth by WideOpenWest (WOW) in April.
Among the voting stockholders, 31.27 million shares voted in favor of the merger agreement, while 19,059 voted against it, according to an 8K filing with the Securities and Exchange Commission.
At yesterday’s meeting in Atlanta, Knology stockholders also approved, on an advisory non-binding basis, the compensation payable to certain executive officers of Knology in connection with the merger.
Kingston Merger Sub, a wholly owned subsidiary of WOW, will be merged into Knology, with Knology surviving the mergers as a wholly owned subsidiary of WideOpenWest Finance.
Under the terms of the merger agreement, WOW will acquire all of the outstanding shares of Knology for $19.75 per share in cash. The deal could close by the end of this summer.
The WOW-Knology combination will have more than 800,000 subscribers, which would rank it as the 13th-largest of the country’s multichannel video programming distributors (MVPDs) and the 9th-largest cable operator.
Knology operates in 13 markets scattered across the Southeast and Midwest – in Alabama, Florida, Iowa, Kansas and Tennessee. WOW has systems in Michigan, Illinois, Ohio and Indiana. WOW purchased some of those systems in the last year from Broadstripe.