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Cytec shareholders give nod to merger with Solvay
28 Nov '15
2 min read
The proposal to merge Cytec Industries Inc. with Solvay SA, a Brussels-based company has received the approval from 99.3 per cent of Cytec shareholders who cast their vote.
“The proposal to approve the merger received support from 99.3 per cent of the votes cast, with a total of 84.1 per cent of outstanding shares voting for the proposal,” a Cytec press release informed.
According to Cytec, the closing of the merger is subject to satisfaction or waiver of certain closing conditions, including receipt of approvals or expiration of applicable waiting periods under the HSR Act.
It is also subject to foreign antitrust or competition laws in Brazil, the European Union, Israel, Japan, Mexico, South Korea, Turkey and Ukraine.
They also include conclusion of the review by the Committee on Foreign Investment in the United States (CFIUS) and receipt of written acceptance from the Department of Defense Security Service (DSS).
“The waiting period under the HSR Act expired on September 24, 2015, and as of the date of this release, all applicable filings with respect to foreign antitrust or competition laws have been completed,” it said.
In addition, Cytec and Solvay are working with DSS on a detailed FOCI mitigation arrangement and the notice period applicable to the merger pursuant to ITAR which expired on November 23, 2015.
“Assuming timely satisfaction or waiver of the remaining closing conditions, we currently expect the closing of the merger to occur in December 2015,” Cytec stated. (AR)
“The proposal to approve the merger received support from 99.3 per cent of the votes cast, with a total of 84.1 per cent of outstanding shares voting for the proposal,” a Cytec press release informed.
According to Cytec, the closing of the merger is subject to satisfaction or waiver of certain closing conditions, including receipt of approvals or expiration of applicable waiting periods under the HSR Act.
It is also subject to foreign antitrust or competition laws in Brazil, the European Union, Israel, Japan, Mexico, South Korea, Turkey and Ukraine.
They also include conclusion of the review by the Committee on Foreign Investment in the United States (CFIUS) and receipt of written acceptance from the Department of Defense Security Service (DSS).
“The waiting period under the HSR Act expired on September 24, 2015, and as of the date of this release, all applicable filings with respect to foreign antitrust or competition laws have been completed,” it said.
In addition, Cytec and Solvay are working with DSS on a detailed FOCI mitigation arrangement and the notice period applicable to the merger pursuant to ITAR which expired on November 23, 2015.
“Assuming timely satisfaction or waiver of the remaining closing conditions, we currently expect the closing of the merger to occur in December 2015,” Cytec stated. (AR)
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