The Southfield IT and business process outsourcing provider TechTeam Global Inc. (Nasdaq: TEAM) said Wednesday that its shareholders met Tuesday and approved ajourning the meeting to Oct. 4.
The special meeting is being held to approve the proposed sale of TechTeam Global’s government solutions subsidiary, Chantilly, Va.-based TechTeam Government Solutions Inc., to Pasadena, Calif.-based Jacobs Engineering Group Inc. (NYSE: JEC). As previously announced, adjournment was the only matter considered by stockholders at the reconvened special meeting.
TechTeam announced an agreement June 3 to sell TechTeam Government Solutions to Jacobs for $59 million in cash, subject to some adjustments.
On Aug. 30, TechTeam announced that Jacobs Engineering believed that the subsidiary’s business had “declined significantly” after the agreement and that it had the right to terminate the agreement.
On Sept. 14, TechTeam announced an agreement to consummate the deal at the reduced price of $43 million.
TechTeam said that in addition to the reduction in the base purchase price, the parties have also agreed to waive some conditions required to close the deal, including the continued employment of Government Solutions’ employees prior to closing and the procurement of some third party consents. Further, the parties have agreed to extend the date by which the stock purchase agreement may be terminated if the sale has not occurred to Oct. 5 from Oct. 1.
TechTeam said its board unanimously approved the amendment to the original stock purchase agreement with Jacobs Engineering Group, and unanimously recommends that stockholders of TechTeam Global vote for the deal.
The Oct. 4 meeting will be held at the offices of Ropes & Gray LLP, One International Place, Boston, Mass. Shareholders of record as of July 30 may vote.
More at www.techteam.com.
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