Shareholders of the Glastonbury, Conn., core processing software vendor Open Solutions Inc. gave their approval for its acquisition by two private-equity firms.
The acquisition by Carlyle Group and Providence Equity Partners Inc. is scheduled to close today. The deal was initially announced in October with a price of $1.3 billion, or $38 a share - a 32% premium at the time. (The stock quickly rose after that announcement; by Monday morning it was trading a few pennies shy of $38.)
At a special meeting Friday, 73.8% of Open Solutions' outstanding voting shareholders cast their votes, and 99.7% approved the transaction.
When the deal was announced, Louis Hernandez Jr., Open Solutions' chairman and chief executive officer, said the money from the purchase could be used to acquire other companies in the payments and antifraud space.
