ST. LOUIS — Angelica Corp.’s shareholders have approved a merger agreement between Angelica and a company formed by Lehman Brothers Merchant Banking. The merger agreement was approved at a special meeting of shareholders of Angelica’s outstanding shares of common stock, with more than 99% of the shares voted cast in favor of the transaction.
Under the terms of the merger agreement, all of the outstanding shares of Angelica will be acquired for a price per share of $22 in cash. Angelica’s common stock, which has been listed on the New York Stock Exchange, will no longer be publicly traded. The merger is expected to be completed this week. Completion of the merger remains subject to the satisfaction or waiver of all closing conditions in accordance with the terms of the merger agreement.
Angelica provides textile rental and linen management services to the U.S. healthcare market. Lehman Brothers Merchant Banking is a private equity group that makes investments in middle-market companies in North America, Europe and Asia. Its mission is to achieve long-term capital appreciation by investing in a diversified group of established operating companies in partnership with management teams of those enterprises.