RAE Shareholders Approve Sale to Vector Capital
RAE Systems shareholders have voted to approve its merger agreement with Vector Capital. Over 75% of holders of RAE's outstanding shares voted for the sale to Vector and more than 95% of shares voted at the Special Meeting were tallied for the deal. The sale to Vector is expected to close on or about June 16. Vector Capital is paying $2.25 a share, or $134 million, for RAE, which makes instruments to detect gas and hazardous materials. UBS advised RAE's special committee. Silicon Valley Bank is providing financing for the deal. Vector was locked in a bidding war with Battery Ventures-SFW Capital Partners for RAE.
10 June 2011•5 mins read
