Arconic Corporation announced its shareholders have voted at a special meeting of Arconic shareholders to approve the Company's pending acquisition by funds managed by affiliates of Apollo including a minority investment from funds managed by affiliates of Irenic Capital Management. Under the terms of the merger agreement, Arconic shareholders will receive $30.00 per share in cash for every share of Arconic common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99% of the shares voted were voted in favor of the merger, which represented approximately 76% of the total outstanding shares of Arconic common stock as of June 12, 2023, the record date for the Special Meeting.
Assuming timely satisfaction of necessary closing conditions, the transaction is expected to close in the third quarter of 2023.
The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K filed by Arconic with the U.S. Securities and Exchange Commission.
