HOUSTON—Dresser-Rand Group Inc. (“Dresser-Rand” or the “Company”) (NYSE: DRC) announced today that, at a special meeting of stockholders held earlier today, its stockholders approved the adoption of the merger agreement with Siemens Energy, Inc. (“Siemens”), pursuant to which Dresser-Rand will be acquired by Siemens.
At the special meeting of stockholders, 98.9% of the votes cast were voted in favor of the adoption of the merger agreement. Shares representing 73.5% of Dresser-Rand’s total outstanding shares of common stock as of the October 22, 2014 record date were represented in person or by proxy at the meeting. Dresser-Rand’s stockholders also approved, on an advisory, non-binding basis, compensation that may become payable to named executive officers as a result of the merger.
At the effective time of the merger, Dresser-Rand stockholders will receive, for each share of common stock they own, cash in the amount of (i) $83.00, plus (ii) if the closing of the merger occurs on or after March 1, 2015, $0.55 per month beginning March 2015 to and including the month in which the closing occurs.
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The Company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, India, and Brazil, and maintains a network of 49 service and support centers (including 6 engineering and R&D centers) covering more than 150 countries.Tagged with tED