Science Applications International Corporation (NYSE: SAIC) (“SAIC”) and Engility Holdings, Inc (NYSE: EGL) (“Engility”) today announced that stockholders of each SAIC and Engility overwhelmingly approved their respective proposals related to the proposed merger of SAIC and Engility at their respective special meetings of stockholders earlier today.
More than 98% of the shares voting at the SAIC special meeting of stockholders voted in favor of the proposal to issue shares of SAIC common stock to Engility stockholders in connection with the merger, and more than 99% of the shares voting at the Engility special meeting of stockholders voted in favor of the proposal to approve and adopt the merger agreement.
Upon the consummation of the merger, Engility stockholders will have the right to receive 0.450 shares of SAIC common stock for each share of Engility common stock, with cash paid in lieu of fractional shares.
SAIC and Engility expect the closing of the transaction to occur promptly, subject to the satisfaction of all conditions.
