ChemFirst Announces Results of Shareholder Vote Approving Agreement to be Acquired by DuPont
ChemFirst Inc. announces that, at a special meeting held today, its shareholders approved the company's merger agreement with DuPont. With 65.9% of the 14,263,430 shares of ChemFirst stock entitled to vote at the meeting represented in person or by proxy, 99.6% of the votes cast at the meeting were voted FOR approval of the merger agreement.
Under the merger agreement, ChemFirst agreed to be acquired by DuPont in a cash transaction valued at approximately $408 million. ChemFirst shareholders would be entitled to receive cash, without interest, in the amount of $29.20 per share of ChemFirst stock pursuant to the agreement. As announced yesterday, DuPont has informed ChemFirst that it will not be in a position to consummate the acquisition pending further investigation of the recent explosion at ChemFirst's plant in Pascagoula, Mississippi, and the parties are working diligently to complete the investigation.
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