KSwiss Inc. announced that, at a special meeting of stockholders held earlier Friday, its stockholders approved the merger agreement with E.Land World Limited.
As part of the agreement, KSwiss will become an indirect wholly-owned subsidiary of E.Land.
Approximately 94.6 percent of the voting power of the Company voted in favor of the adoption of the Merger Agreement. The affirmative vote of 80 percent of the aggregate number of votes eligible to be cast by the holders of KSwiss Class A common stock and Class B common stock, voting together as a single class, at the special meeting, was required to adopt and approve the Merger Agreement. KSwiss stockholders, also approved at the special meeting, on an advisory, non-binding basis, compensation that may become payable to the Companys named executive officers as a result of the merger.
KSwiss currently anticipates closing the merger on or about April 30, 2013, subject to the satisfaction or waiver of the other previously disclosed closing conditions.
Goldman, Sachs & Co. is acting as financial advisor to KSwiss, and Gibson, Dunn & Crutcher LLP is acting as legal advisor. Morgan Stanley & Co. is acting as financial advisor to E.Land, and Linklaters LLP is acting as legal advisor.
