PHH sets meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Aug. 8 - PHH Corp. shareholders will vote on the proposed acquisition of the company by General Electric Capital Corp. at a special meeting on Sept. 26 at 10 a.m. ET.

The record date for the meeting is Aug. 16, according to a company news release.

GE is buying PHH in an all-cash transaction valued at $1.8 billion. Under the companies' March 5 agreement, PHH stockholders will receive $31.50 per share in cash.

As previously reported, GE also entered into an agreement to sell the mortgage operations of PHH to an affiliate of the Blackstone Group.

PHH is a Mount Laurel, N.J., outsource provider of mortgage and vehicle fleet management services.

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