CECO Environmental and Thermon Group Holdings said stockholders at both companies approved their strategic combination in votes held May 28, with preliminary results showing overwhelming support on both sides.
At CECO’s annual meeting, about 99.93% of votes cast were in favor of the transaction. At Thermon’s meeting, nearly 99.97% of votes cast supported the combination.
The companies said the deal is expected to close on or around June 1, 2026, subject to customary closing conditions.
Thermon also disclosed how stockholders elected to be paid for their shares. Based on the final election results, holders of about 41.18% of Thermon’s outstanding shares chose stock consideration. Under the merger proration process, those shares will convert into the right to receive approximately $1.48 in cash and 0.7920 of a CECO share per Thermon share.
Holders of about 6.50% of Thermon’s outstanding shares elected all-cash consideration and will receive $63.89 in cash per share without proration.
Holders of about 19.22% of Thermon’s outstanding shares elected mixed consideration and will receive $10.00 in cash plus 0.6840 of a CECO share per Thermon share.
Thermon stockholders who did not make a valid election by the deadline will receive the mixed consideration. Following these announcements, the company's shares moved -6.54%, and are now trading at a price of $64.68. For the full picture, make sure to review Thermon's 8-K report.
