Otix Global, a developer of hearing aid devices, has reported that its shareholders have voted to approve the merger agreement dated 13 September 2010 between Otix and William Demant Holding (WDH), as subsequently amended on 6 October 2010 and 14 October 2010.
The merger agreement provides that WDH will acquire all the outstanding common stock of Otix and of the shares voted, approximately 99.5% voted in favor of the proposal to adopt the merger agreement, which represented approximately 68.3% of the total outstanding shares as of 18 October 2010, the record date.
Under the terms of the merger agreement, Otix shareholders will receive $11.01 in cash for each share of Otix common stock they own.
The completion of the merger remains subject to clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions and subject to the satisfaction of the conditions, the merger is expected to close within the next week.
Otix Global designs, develops, manufactures and markets advanced digital hearing aids designed to provide the highest levels of satisfaction for hearing impaired consumers.