It has taken almost eight months, but the shareholders of Boulder Specialty Brands have approved the acquisition of Smart Balance:
Boulder Specialty Brands Stockholders Approve Acquisition of Smart Balance(R)
Friday May 18, 8:25 am ET
Combined Company to Adopt Smart Balance(R) Name
LONGMONT, Colo.--(BUSINESS WIRE)--Boulder Specialty Brands, Inc. ("Boulder") (OTCBB:BDSBU - News; OTCBB:BDSB - News; OTCBB:BDSBW - News) announced today that its stockholders have approved Boulder's previously announced proposed acquisition of GFA Holdings, Inc. ("GFA"), the owner of GFA Brands, Inc., maker of Smart Balance® and Earth Balance® heart-healthy food products and other established brands.
Stockholders also approved a number of related proposals, including a proposal to change the combined company's name to Smart Balance, Inc., as well as the company's proposed stock incentive plan for employees.
Of the 11,439,610 eligible common shares voted at the meeting (representing 89.6% of shares entitled to vote on the merger proposal), 99.9% voted in favor of the acquisition, with only 500 shares abstaining from the vote. No holders of shares issued in the company's initial public offering voted against the acquisition and none elected to have such shares converted into a pro rata portion of the IPO trust account.
Boulder plans to complete the acquisition of GFA within the next several days. Soon thereafter, the company intends to apply for listing on NASDAQ under the symbol SMBL.
The acquisition of GFA and related proposals were described in a proxy statement Boulder filed with the SEC. Investors and security holders are advised to read the proxy statement carefully because it contains important information. Investors and security holders may obtain such materials and other documents filed by Boulder from the SEC's web site at sec.gov.
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