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Engility Shareholders OK TASC Deal, Transaction Set to Close Thursday

Engility-logoShareholders at Engility Holdings (NYSE: EGL) voted Monday to approve the company’s $1.1 billion all-stock acquisition of TASC and the companies have now set the transaction’s closure date for Thursday.

Engility said Monday that nearly 99 percent of the outstanding shares represented at the meeting voted to move forward with the deal.

The move comes nearly two-and-a-half months after the Federal Trade Commission cleared the transaction, which was one of the required closing conditions for the transaction along with the shareholder votes.

Upon the deal’s closure, Engility will pay an estimated $207 million special cash dividend to its stockholders who retain their shares through the date of the deal’s closure.

Engility expects the dividend to be approximately $11.43 per share, an amount subject to Engility’s diluted share count at the time of the transaction’s closure.

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