Chase Corporation Shareholders Approve Merger Agreement with Formulations Parent Corporation
Chase Corporation, a leading global manufacturer of protective materials for high-reliability applications, announced that its shareholders have approved the proposed merger agreement with Formulations Parent Corporation. The approval was granted at a special meeting of shareholders held earlier today.
Under the terms of the merger agreement, Formulations Merger Sub Corporation will merge with and into Chase Corporation, with Chase surviving as a wholly owned subsidiary of Formulations Parent Corporation, an affiliate of investment funds managed by KKR. The merger is expected to bring significant benefits to both companies and enhance their position in the market.
The special meeting saw a strong turnout, with approximately 87.24% of the issued and outstanding shares of Chase common stock being voted. Shareholders holding approximately 85.16% of the outstanding common stock voted in favor of approving and adopting the merger agreement.
The voting results for the proposals submitted at the special meeting are as follows:
Proposal 1 – The Merger Proposal: Approved by 8,097,605 votes in favor, 184,269 votes against, and 13,424 abstentions.
Proposal 2 – The Merger Compensation Proposal: Approved on a non-binding advisory basis by 7,414,771 votes in favor, 865,641 votes against, and 14,886 abstentions.
Proposal 3 – The Adjournment Proposal: Approved by 7,783,690 votes in favor, 449,843 votes against, and 61,765 abstentions. However, the adjournment of the special meeting was not necessary as Proposal 1 had already been approved.
Chase Corporation expressed its gratitude to its shareholders for their overwhelming support and confidence in the merger agreement. The company believes that the merger will create new opportunities for growth and innovation, further strengthening its position as a global leader in the industry.
About Chase Corporation:
Chase Corporation, founded in 1946, is a global specialty chemicals company that manufactures protective materials for high-reliability applications worldwide. For more information, visit their website at https://chasecorp.com/.
KKR is a leading global investment firm that offers alternative asset management, capital markets, and insurance solutions. With a focus on generating attractive investment returns, KKR supports growth in its portfolio companies and communities. For additional information, please visit KKR’s website at www.kkr.com.