Shareholders approve $780 million Tekelec takeover
Morrisville, N.C.
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Morrisville, N.C. — Shareholders in Tekelec (Nasdaq: TKLC) voted on Wednesday to approve the $780 million acquisition of the telecommunications gear and software firm by Siris Capital.
Siris, a private equity firm, and its partners will pay Tekelec shareholders $11 per share.
Holders of 54.2 million shares approved the deal. Owners of some 257,000 shares were opposed.
Tekelec’s board had already approved the sale. The deal is now expected to close before the end of January.
Shares in Tekelec traded at $11 on Wednesday.
Three top executives at Tekelec will receive handsome “golden parachute” deals if they lose their jobs as part of the firm’s acquisition. However, the motion to approve the deal encountered much more resistance. While holders of 48.7 million shares OK'd the deal, some 5.4 million shares were voted against.
According to a filing with the SEC, Tekelec said its chief executive officer, general counsel and chief financial officer will receive total compensation of $7.2 million in cash, equity and “perquisites and benefits.”
Ronald de Lange, the CEO, is due $3.9 million. A Tekelec veteran, he assumed the CEO role earlier this year.
Stuart Kupinsky, the general counsel and senior vice president for corporate affairs, is to receive $1.794 million. He was named general counsel in 2007.
Gregory Rush, the chief financial officer, would receive $1.6 million. He was named CFO in 2010.
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