TRENTON, N.J., Nov. 3, 2011 /PRNewswire/ -- Clark Holdings Inc. ("Clark") (NYSE AMEX: GLA), a non-asset-based provider of mission-critical supply chain solutions, today announced that its stockholders voted at a special meeting held today to adopt the previously announced definitive merger agreement with Gores Logistics Holdings, LLC ("Gores Logistics"), an affiliate of The Gores Group, LLC. Clark expects that the merger contemplated by the definitive merger agreement will close on November 4, 2011.
At the closing of the merger, each share of Clark's common stock will be converted into the right to receive $0.46 in cash and Clark will become a wholly-owned subsidiary of Gores Logistics. Clark expects that its common stock will cease trading on NYSE Amex at the close of business on November 4, 2011 and Clark expects to thereafter deregister and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended.
In addition to approving the acquisition, Clark's stockholders also approved the "golden parachute" arrangements and compensation for certain of its executive officers in connection with the merger.
The exact tally of the votes will be included in a Current Report on Form 8-K filed by Clark with the Securities and Exchange Commission.
Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media and other industries.
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in Clark's filings with the Securities and Exchange Commission. Clark undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Clark Holdings Inc.