Shareholders at GeoEye (NASDAQ: GEOY) voted at a special meeting Monday to approve the company’s $900 million merger with DigitalGlobe (NYSE: DGI).
According to GeoEye, 98.3 percent of the shares voting at meeting voted in favor of the merger, representing 77.2 percent of that company’s total outstanding shares of common stock as of the meeting.
GeoEye said the transaction still requires regulatory approval from the Justice Department, Federal Communications Commission and the National Oceanic and Atmospheric Administration.
The company said it will announce the closing date and the election deadline for shareholders when it believes an announcement is “reasonably practicable, ” prior to the transaction’s closing, which both companies have said should occur in either the fourth quarter of 2012 or the first quarter of 2013.
Upon closure, GeoEye shareowners will have the right to acquire either 1.137 shares of common stock in a combined firm and $4.10 per share in cash; all of the consideration in cash, totaling $20.27 per share; or 100 percent of the consideration in stock, owning 1.425 shares of DigitalGlobe for each share of GeoEye stock they own.
The amount of cash and stock is subject to proration depending upon the elections of GeoEye shareholders, GeoEye said.