PEMSTAR Shareholders Approve Merger With Benchmark Electronics, Inc.
Wednesday December 20, 5:27 pm ET
ROCHESTER, MN--(MARKET WIRE)--Dec 20, 2006 -- PEMSTAR Inc. (NASDAQ:PMTR - News), a leading provider of global engineering, product design, manufacturing and fulfillment services to technology, industrial and medical companies, today announced that PEMSTAR shareholders approved the adoption of the Agreement and Plan of Merger entered into with Benchmark Electronics, Inc. (NYSE:BHE - News) and Autobahn Acquisition Corp., a wholly owned subsidiary of Benchmark Electronics, Inc. dated October 16, 2006, at a special meeting of shareholders held today at the company's headquarters in Rochester, Minnesota. Shareholders of approximately 60 percent of the total outstanding shares of PEMSTAR stock voted in favor of the merger proposal, representing approximately 95 percent of the total shares voted.
According to terms of the merger agreement, each outstanding share of PEMSTAR common stock will be converted into the right to receive 0.160 of a share of Benchmark common stock, with resulting fractional shares to be paid for in cash at market on the closing date. The transaction is expected to close in the first week of January 2007, at which point PEMSTAR will cease to be a publicly traded company. As soon as practicable after closing, each former holder of record of shares of PEMSTAR common stock will receive a transmittal letter which will contain instructions for obtaining the merger consideration, including the shares of Benchmark common stock and cash for any fractional shares of Benchmark common stock, in exchange for shares of PEMSTAR common stock.
Al Berning, Chairman and CEO of PEMSTAR, stated, "We are pleased at the overwhelmingly positive shareholder support for PEMSTAR's merger with Benchmark, as we consider this combination to be in the best interests of PEMSTAR shareholders, customers, partners and employees. We look forward to a timely closing and the ability to move forward as a combined entity for the benefit of all of our stakeholders."
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