GRAND RAPIDS, MI - X-Rite Inc. announced it has received approval for the two proposals presented to shareholders at the special meeting held October 28 at the offices of McDermott Will & Emery LLP, in Chicago.
At the special meeting, shareholders approved the following two proposals: 1. The issuance to OEPX, LLC, a Delaware limited liability company managed by One Equity Partners, and to Sagard Capital Partners, L.P. and Tinicum Capital Partners II, L.P., Tinicum Capital Partners II Parallel Fund, L.P. and Tinicum Capital Partners II Executive Fund LLC of an aggregate of 46,904,763 shares of the company's common stock, in exchange for an aggregate purchase price of $155 million in cash.
2. The approval of the X-Rite Inc. 2008 Omnibus Long Term Incentive Plan.
"I am pleased by the support of our shareholders in voting in favor of our proposals," says Thomas J. Vacchiano Jr., CEO for X-Rite. "These approvals bring us one significant step closer towards the completion of the capital raise and amending the first and second lien credit agreements." X-Rite plans to proceed quickly towards closing the capital raise and amending the first and second lien credit agreements.