SRA International, Inc. announced today its shareholders approved the proposal to adopt the previously announced merger agreement among SRA and affiliates of Providence Equity Partners providing for the acquisition by an affiliate of Providence.
The merger was announced in late March, and the company’s board of directors unanimously approved the transaction. The shareholders’ decision today reflects the board’s recommendation to approve the transaction.
“We believe in the merits of this transaction, which serves the best interests of our shareholders, as well as those of our 7,300 employees and more than 1,400 contracts with customers,” said SRA Founder and Chairman Dr. Ernst Volgenau when the merger was first announced. “We also look forward to partnering with Providence, whose values and culture are consistent with SRA’s longstanding ethic of honesty and service.”
“We believe these characteristics are critical as we continue to build SRA and sustain its competitive positioning for the future,” he added.
The consummation of the acquisition remains subject to the satisfaction or waiver of a number of customary closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission by SRA on June 15, 2011, reported SRA.
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