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Educate shareholders vote set for June 12
By Lisa Kerner
Charlotte, N.C., May 11 - Educate, Inc. will hold a special meeting of shareholders at 10 a.m. ET on June 12 in Baltimore to vote on the company's Jan. 28 definitive agreement and plan of merger with Edge Acquisition, LLC, Edge Acquisition Corp. and affiliates Sterling Partners and Citigroup Private Equity, company chairman and chief executive officer R. Christopher Hoehn-Saric and president and chief operating officer Peter J. Cohen.
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 $16 million termination fee is included in the agreement.
Educate will be the surviving corporation and a wholly owned subsidiary of Edge once the merger is completed.
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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