Stockholders approved the $3 billion merger of SpectraSite with American Tower on Wednesday.
As part of the deal, Steve Clark, SpectraSite’s founder and chief executive officer, will become a member of the merged firm’s board of directors.
The plans to merge were announced in May.
The holders of some 75 percent of American Tower shares voted in favor of the deal. Holders of some 79 percent of SpectraSite’s shares backed the deal.
“We are very pleased that our stockholders recognize and support the compelling strategic and economic benefits of the merger,” Clark said in a statement.
The all-stock deal provides 3.575 shares of American Tower Class A common stock for each SpectraSite share.
SpectraSite stock (NYSE: SSI) traded at $81.90, up $2.54 on Wednesday. SpectraSite’s 52-week high is $82.60, more than double the 52-week low of $40.32. The stock was trading at around $60 when the merger was announced.
American Tower (NYSE: AMT) was trading at $$22.96 on Wednesday.
In a statement, the companies said they expect the deal to close on or around Aug. 8.
The combined company will operate more than 22,600 towers.
SpectraSite employed 455 people as of Dec. 31, 2004.
SpectraSite operates 7,821 towers and has a presence in all 100 major U.S. markets. The company also offers wireless networks in 50 shopping malls.
Once the deal is closed, Clark may decide to launch another company.
“I’ve always been a startup guy,” Clark told Local Tech Wire before he was presented with the Entrepreneurial Excellence award at the Council for Entrepreneurial Development’s annual excellence awards dinner this spring. “I may be ready to start something else.”
SpectraSite: www.spectrasite.com
