Radiation Therapy Services shareholders approve merger agreement
Radiation Therapy Services’ (RTS) shareholders have approved a merger agreement between RTS Holdings, and RTS Merger. Radiation Therapy Services, which operates radiation treatment centers primarily under the name 21st Century Oncology, is a radiation therapy services provider.
The company currently expects that the transactions contemplated by the Merger Agreement will be consummated on Feb. 21, subject to the satisfaction of the conditions to closing under the Merger Agreement.
Upon completion of the merger, each outstanding share of Radiation Therapy’s common stock (other than certain shares as described in the agreement) will be converted into the right to receive $32.50 in cash, without interest.
As previously disclosed, two lawsuits were filed in connection with the proposed merger on Oct. 24, 2007 and Nov. 16, 2007, respectively, against the company, each of the company's directors and Vestar Capital Partners as purported class actions on behalf of the public shareholders of the Company in the Circuit Court of Lee County, Florida.
On Jan. 3, the plaintiff in the first case voluntarily dismissed his claims. The second case was settled in principle on Feb. 1 by the parties with no admission of any liability. The settlement is subject to court approval and consummation of the transactions contemplated by agreement.
At this time there are no other pending actions challenging the proposed merger, according to RTS.
The company currently expects that the transactions contemplated by the Merger Agreement will be consummated on Feb. 21, subject to the satisfaction of the conditions to closing under the Merger Agreement.
Upon completion of the merger, each outstanding share of Radiation Therapy’s common stock (other than certain shares as described in the agreement) will be converted into the right to receive $32.50 in cash, without interest.
As previously disclosed, two lawsuits were filed in connection with the proposed merger on Oct. 24, 2007 and Nov. 16, 2007, respectively, against the company, each of the company's directors and Vestar Capital Partners as purported class actions on behalf of the public shareholders of the Company in the Circuit Court of Lee County, Florida.
On Jan. 3, the plaintiff in the first case voluntarily dismissed his claims. The second case was settled in principle on Feb. 1 by the parties with no admission of any liability. The settlement is subject to court approval and consummation of the transactions contemplated by agreement.
At this time there are no other pending actions challenging the proposed merger, according to RTS.