Shareholders of Kansas City, Kan.-based Epiq Systems Inc. on Tuesday approved the company’s $1 billion buyout that will lead to its merger into a rival company.
The buyers are OMERS Private Equity, which is the investment arm of the OMERS pension plan in Ontario, Canada, and investment funds managed by New York-based Harvest Partners LP. They will pay $16.50 a share for Epiq, which provides electronic discovery, software and other services to law firms.
The deal, announced in July, ended nearly two years of strategic review at Epiq that had been triggered by pressure from unhappy shareholder groups. Epiq’s announcement said more than 90 percent of the company’s shares voted on the buyout and that nearly all of those voted in favor of the all-cash deal. It required approval from two-thirds of Epiq’s outstanding shares.
The sale is expected to be completed Friday.
Read more: Kansas City Star