Edwards Group Shareholders Approve Atlas Copco Proposed Merger

(RTTNews) - UK-based industrial technology company Edwards Group Ltd. (EVAC) Thursday said that majority of its shareholders approved the proposed merger with Swedish engineering company Atlas Copco Group (ATLCY.PK, ATLCF.PK). The merger agreement was signed on August 19 and expected to close the deal by the first quarter of 2014.

Pursuant to the agreement, a unit of Atlas Copco will buy Edwards for a per-share consideration of up to $10.50, which includes a fixed cash payment of $9.25 at closing and an additional payment of up to $1.25 per share post-closing. The additional payment will depend on Edwards's achievement of 2013 revenue within the range of 587.5 million pounds to 650 million pounds and achievement of a related Adjusted EBITDA target within the range of 113.9 million pounds to 145 million pounds.

The company also said its Chief Financial Officer David Smith will leave its Board, effective December 31, to take up a new opportunity at start of 2014.