Shareholders to vote on $15.4 billion buyout of South Florida companyApril 7th, 2016
Shareholders will vote on Atlanta-based Newell Rubbermaid’s $15.4 billion acquisition of Boca Raton-based Jarden Corp. on April 15, according to regulatory filings.
The acquisition was announced late last year and is expected to close in the second quarter.
But the deal needs to meet a few conditions before it can close, including shareholder approval from both companies. The deal also needs regulatory approval to move forward.
Newell Rubbermaid will hold an annual meeting April 15 at the Intercontinental Buckhead Atlanta in Georgia on April 15 at 8 a.m., where shareholders are asked to vote in favor of the agreement. Jarden stockholders will also meet on the same day and time at the offices of Greenberg Traurig at 401 E. Las Olas Blvd. in Fort Lauderdale, according to recent filings with the U.S. Securities Exchange Commission.
“We cannot complete the merger transactions unless the stockholders of Newell Rubbermaid affirmatively approve the issuance of shares of Newell Rubbermaid common stock pursuant to the merger agreement and the stockholders of Jarden adopt the merger agreement,” the filing says.
Newell Rubbermaid (NYSE: NWL), the consumer products company behind brands such as Sharpie and Rubbermaid, agreed to buy Jarden in December. Jarden (NYSE: JAH) had more than $8 billion in sales last year and is one of South Florida’s largest public companies. The Fortune 500 firm is behind brands such as Yankee Candle, Mr. Coffee and recently, Jostens. Sales of the combined companies are estimated at $16 billion annually.
It’s too early to know whether Jarden’s headquarters in South Florida will shed jobs or relocate to Atlanta, but a source close to the deal told the Business Journal that the headquarters at 1800 N. Military Trail in Boca Raton will remain unchanged for the next 18 to 24 months.
Leave a Comment