A news release said the acquisition cost is $42.5 million in cash and is subject to working capital adjustments. Completion of the sale is subject to certain terms and conditions, including shareholder approval. A special meeting of shareholders will be held on March 18, 2011 to vote on the transaction.
The company has received voting agreements from holders of its Preferred and Common Stock sufficient to assure all required shareholder approvals of the sale to Stonehenge.
National Investment Managers Inc. is a holding company and a consolidator of pension plan administration, investment management, and insurance businesses.