NFP Announces Stockholders' Approval Of Merger Agreement
June 27, 2013 by National Financial Partners Corp.
NEW YORK, June 20, 2013 /PRNewswire/ –National Financial Partners Corp. (NYSE: NFP) announced today that, at a special meeting of stockholders of NFP held on June 19, 2013, NFP’s stockholders voted in favor of the proposal to adopt the previously announced Agreement and Plan of Merger, dated as of April 14, 2013 (the “Merger Agreement”), among Patriot Intermediate Holdings B Corp. (formerly known as Patriot Parent Corp.) (“Parent”),Patriot Merger Corp., a direct wholly owned subsidiary of Parent (“Merger Sub”), and NFP, pursuant to which Merger Sub will be merged with and into NFP, with NFP surviving the merger as a wholly-owned subsidiary of Parent (the “Merger”). Parent and Merger Sub are beneficially owned by affiliates of Madison Dearborn Partners, LLC.
Approximately 79.29% of NFP’s total outstanding common stock voted in person or by proxy at yesterday’s special meeting. Of these shares voted in person or by proxy at the special meeting, approximately 97.93% were voted in favor of the proposal to adopt the Merger Agreement, thereby approving the Merger.
NFP also announced today that its broker-dealer subsidiaries have received approval from the Financial Industry Regulatory Authority (FINRA) for the indirect change of ownership and control that will result from the consummation of the Merger.
The Merger remains subject to customary closing conditions that are required to be satisfied as of the closing date and is expected to close on July 1, 2013. Following consummation of the Merger, NFP will become a privately-held company and its common stock will be delisted from the New York Stock Exchange.
