Peak Resorts Inc. on Friday announced that the company’s shareholders, at a special meeting held earlier in the day, approved the merger agreement for the acquisition of the company by Vail Resorts Inc.

Under the terms of the merger agreement, Peak Resorts’ common shareholders will be entitled to receive $11 per share in cash at the closing of the acquisition. The transaction is expected to close on or about September 24, 2019.

Upon completion of the acquisition, Peak Resorts will become privately held as an indirect, wholly-owned subsidiary of Vail Resorts.

According to the final voting results, approximately 89 percent of the company’s outstanding shares, as of the close of business on August 19, 2019, the record date, voted in favor of the merger agreement, assuming the conversion of the shares of Series A preferred stock. No shareholder as of the record date has filed with the company, before or at the Special Meeting, a written objection to the merger that was approved at the Special Meeting

The consummation of the merger remains subject to the satisfaction or waiver of certain other closing conditions set forth in the merger agreement and discussed in detail in the Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission (“SEC”) by the Company on August 20, 2019, as supplemented by the supplemental disclosures filed with the SEC by the Company on August 29, 2019, September 4, 2019 and September 11, 2019.