LIMA — A majority of shareholders of Randall Bearings Inc., a Lima-based bronze machining company, on Wednesday voted to approve the company’s merger agreement with the trust that owns a majority of its outstanding shares.
In October, Randall Bearings Inc. entered a definitive merger agreement with investment trust Council Rock Investors, a move Randall Bearings President Kent Morgan said at the time will benefit the company.
Council Rock Investors, which owns a majority of Randall Bearings’ outstanding shares, has acquired all of the minority shares, Morgan said.
Following the adjournment of Wednesday’s special meeting of shareholders, the company and an affiliate of its largest shareholder closed the merger. The trading of Randall Bearings’ common stock ceased at the end of trading on Thursday.
Randall Bearings shareholders will receive per share consideration of $42 in cash. Shareholders will receive a letter of transmittal in order to surrender their Randall Bearings stock certificates in exchange for the merger consideration to which each individual shareholder is entitled to receive.
Persons with questions may call 800-546-5141.