Snap One Holdings Corp. has announced the adoption and approval of the Merger Agreement by certain stockholders. The Merger Agreement, dated April 14, 2024, among the Company, Resideo Technologies, Inc., and Pop Acquisition, Inc., involves the merger of Merger Sub into the Company, with the Company continuing as a wholly-owned subsidiary of Parent. The Merger Agreement stipulates that each share of Company Common Stock issued and outstanding immediately prior to the Effective Time shall be cancelled and converted into the right to receive the Merger Consideration as of the Effective Time.
The stockholders collectively holding a majority of the issued and outstanding shares of Company Common Stock have consented to the adoption and approval of the Merger Agreement, and have waived any rights to appraisal of the fair value of their shares of Company Common Stock and rights to dissent from the Merger that they may have. Additionally, they have waived compliance with any and all notice requirements imposed by relevant laws and agreements.
The stockholders who have provided written consent include Hellman & Friedman Capital Partners VIII, L.P. with 23,854,976 shares, Hellman & Friedman Capital Partners VIII (Parallel), L.P. with 10,706,163 shares, HFCP VIII (Parallel-A) L.P. with 2,023,312 shares, H&F Executives VIII, L.P. with 607,517 shares, H&F Associates VIII, L.P. with 124,638 shares, and H&F Copper Holdings VII, L.P. with 18,107,829 shares.
The Merger Agreement and the transactions and agreements contemplated thereby have been adopted and approved by the stockholders, signaling a significant development in the company's corporate structure and business direction. As a result of these announcements, the company's shares have moved 0.0% on the market, and are now trading at a price of $10.75. If you want to know more, read the company's complete 8-K report here.