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Educate shareholders to vote on Edge Acquisition merger
By Lisa Kerner
Charlotte, N.C., May 10 - Educate, Inc. will hold a special meeting of shareholders on or about June 12 to vote on the company's Jan. 28 definitive agreement and plan of merger with Edge Acquisition, LLC.
Edge is affiliated with Sterling Partners and Citigroup Private Equity, and with Educate's chairman and chief executive officer Christopher Hoehn-Saric.
The agreement calls for Educate stockholders to receive $8.00 in cash for each share of Educate common stock they own, according to a schedule 14A filing with the Securities and Exchange Commission. A termination fee of $16 million is included in the agreement.
Educate will be the surviving corporation and a wholly owned subsidiary of Edge once the merger is complete.
Apollo Sylvan, LLC and Apollo Sylvan II, LLC, holders of 52.3% of Educate's outstanding common stock, agreed to vote their shares in favor of the merger.
Educate is a Baltimore-based pre-K-12 education company.
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