Covad Stockholders Approve Proposed Acquisition
Friday February 29, 4:15 pm ET
SAN JOSE, Calif.--(BUSINESS WIRE)--Covad Communications Group, Inc. (AMEX:DVW - News) announced the results of its Special Meeting of Stockholders held today in Santa Clara, California. At the meeting, holders of a majority of the company’s outstanding shares approved the agreement and plan of merger providing for Covad’s acquisition by an affiliate of Platinum Equity, as required by applicable law.
The acquisition remains subject to the satisfaction of customary closing conditions, including approval of the Federal Communications Commission and state public utility commissions in many of the states in which Covad operates. Covad confirmed that the required FCC and state commission filings have been completed and that it is awaiting approval from the FCC and two remaining state commissions. While Covad cannot predict with certainty the timing of these approvals, it currently expects them within the next 30 to 60 days. Under the terms of the merger agreement, an affiliate of Platinum Equity will acquire all outstanding shares of Covad for $1.02 per share in cash.