NEW YORK: Medialink Worldwide shareholders overwhelmingly approved a merger with The NewsMarket at a September 25 meeting, according to a statement released by the company.
The merger, which was originally announced in July, is expected to close September 28. More than 3.6 million shareholders voted for the merger, while 319,983 voted against it and 24,784 abstained, according to the company statement.
“We are very pleased with the outcome of the vote," said Jim Lonergan, president and CEO of The NewsMarket, by e-mail. "With an 11:1 margin of votes [for] vs. against, clearly Medialink shareholders felt our offer was of fair value, and they supported the strategic rationale for the transaction. We look forward to integrating the two firms and [bringing] 'best of breed' products and services to the market.”
Earlier this year, the company said that it would stop operations if it did not attract investors or a buyer due to operating losses.