By Justin Lee, theWHIR.com
July 31, 2008 — (WEB HOST INDUSTRY REVIEW) — Web hosting provider Hostopia (hostopia.com) announced on Wednesday that its stockholders have approved the adoption of the agreement and plan of merger, dated as of June 18, among Hostopia, Deluxe Corporation (deluxe.com), its wholly-owned subsidiary Deluxe Business Operations, and Helix Merger, at a special meeting of stockholders held Wednesday.
The transaction, valued at approximately CDN$124 million, was previously announced on June 19 by Hostopia and Deluxe Corporation, a company that “helps financial institutions and small businesses better manage, promote, and grow their businesses.”
The stockholders voted 100 percent in favor of the merger, representing about 71 percent of the outstanding shares of Hostopia common stock. No Hostopia stockholders have exercised rights of dissent in connection with the merger.
According to the terms of the merger agreement, the transaction closed shortly after the stockholder vote and a certificate of merger has been filed with the Delaware Secretary of State, under which the merger is to become effective as of 12:01 a.m. on August 6.
At the effective time, Deluxe, through a wholly-owned subsidiary, will acquire all of the issued and outstanding shares of Hostopia’s common stock at a cash price of CDN $10.55 per share.
The company’s shares of common stock will be held from trading on the Toronto Stock Exchange at the opening of trading on August 6 and will remain held until the close of trading for that day, at which time the shares will be de-listed.
