TAUNTON, Mass. – Westerbeke Corporation (Nasdaq: WTBK - News) a company primarily engaged in the business of designing, manufacturing and marketing marine engine and air-conditioning products, said yesterday that its stockholders adopted the Agreement and Plan of Merger, as amended (the "Merger Agreement"), between the corporation and Westerbeke Acquisition Corporation, at a special meeting.
Pursuant to the merger agreement, Acquisition Corporation, a corporation owned by John H. Westerbeke, Jr., the chairman and CEO of the corporation, has agreed to pay $3.26 in cash for each share of Westerbeke common stock not owned by Acquisition Corporation, its affiliates and affiliates of the corporation.
The corporation stated that holders of approximately 84 percent of the outstanding shares of Westerbeke common stock, including a majority of the shares of Westerbeke common stock held by unaffiliated stockholders, voted for adoption of the Merger Agreement.
While the corporation anticipates completion of the merger by the end of the first calendar quarter of 2004, the closing of the merger is subject to the satisfaction or waiver of certain conditions, including final settlement of the class action lawsuit against the corporation and other defendants, as previously announced on Dec. 5, 2003. The corporation stated that there can be no assurance that the merger will be completed.
Westerbeke's marine products consist of diesel and gasoline engine-driven electrical generator sets, inboard propulsion engines, self-contained, reverse-cycle air-conditioners, and associated spare parts and accessories.
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