International Absorbents Inc. (NYSE IAX) shareholders have approved a $4.75 per share buyout by private equity firm Kinderhook Industries. International Absorbants makes consumer and commercial products derived from recycled, renewable materials.
International Absorbents Inc. (“IAX” or the “Company”) (NYSE IAX), a leading developer and producer of environmentally friendly pet care and industrial products, announced today that at a special meeting of shareholders held on May 12, 2010, its shareholders adopted the arrangement agreement entered into with IAX Acquisition Corporation and IAX Canada Acquisition Company Inc., under which IAX Acquisition Corporation, through its wholly owned subsidiary, IAX Canada Acquisition Company Inc., will acquire all of IAX’s outstanding common shares for cash at a price of US$4.75 per share. IAX Acquisition Corporation is a newly formed acquisition company established by Kinderhook Industries, LLC.
As of the record date there were 6,410,282 shares outstanding of which approximately 3,309,897 or 52% shares entitled to vote were cast at the special meeting. Of the votes cast 3,153,611 or 95% voted to adopt the arrangement agreement; 149,236 votes or 5% voted against. The transaction remains subject to regulatory approvals and other closing conditions.
About International Absorbents Inc
International Absorbents Inc. develops, manufactures and markets patented and proprietary cost-effective consumer and commercial products derived from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of consumer and industrial applications, including retail/commercial pet bedding and litter, oil and hazardous liquid spill cleanup and control, oil/water filtration, and packaging. The Company’s shares are listed on NYSE Amex under the symbol IAX. Further information is available at www.absorbent.com.
About Kinderhook Industries LLC
Kinderhook Industries is a New York based private equity firm with $600 million of committed capital. Kinderhook’s investment philosophy is based on partnering with exceptional management and adding our operating partner network and capital across a variety of industries to support growth of smaller middle-market companies throughout North America. For additional information, visit www.kinderhook.com.
with exceptional management and adding our operating partner network and capital across a variety of industries to support growth of smaller middle-market companies throughout North America. For additional information, visit www.kinderhook.com.