DEI Announces Shareholder Approval of Acquisition by Charlesbank
VISTA, Calif., June 20, 2011 /PRNewswire/ – DEI Holdings, Inc. (PinkSheets: DEIX) today announced the results of a special meeting of shareholders held to vote upon the previously announced merger agreement under which DEI Holdings has agreed to be acquired by funds affiliated with Charlesbank Capital Partners for approximately $4.46 per share in cash. At the special meeting held today, the shareholders of DEI Holdings approved a proposal to adopt the merger agreement and approve the merger. The adoption of the merger agreement and approval of the merger required the affirmative vote of a majority of the outstanding shares of the company’s common stock.
The closing of the merger is expected to occur in the next few days.
About DEI Holdings, Inc.
Headquartered in Southern California, DEI Holdings, Inc. is the parent company of some of the most respected brands in the consumer electronics industry. DEI Holdings is the largest designer and marketer in North America of premium home theater loudspeakers (sold under the Polk Audio(Ã‚®) and Definitive Technology(Ã‚®) brand names), and consumer-branded vehicle security and remote start systems (sold under Viper(Ã‚®), Clifford(Ã‚®), Python(Ã‚®), Autostart(Ã‚®) and other brand names). DEI Holdings is also a supplier of mobile audio sold principally under the Polk Audio(Ã‚®) and Orion(Ã‚®) brand names. DEI Holdings markets its broad portfolio of products through many channels including leading national retailers and specialty chains throughout North America and around the world. Founded in 1982, the company has operations in California, Maryland, Canada, Europe and Asia. For more information on the company, visit www.deiholdings.com.
About Charlesbank Capital Partners
Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information on the firm, visit www.charlesbank.com.
Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company’s current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including DEI Holdings, Inc.’s and Charlesbank’s ability to consummate the merger on the contemplated timeline and other factors. The company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE Directed Electronics