PHH stockholders say yes to acquisition by GE Capital

By Lisa Kerner

Charlotte, N.C., Sept. 26 - PHH Corp. said some 86% of the total shares voted at its special meeting on Sept. 16 were in favor of the company's acquisition by GE Capital Solutions.

The for vote represented roughly 75% of the total number of shares of PHH's common stock outstanding and entitled to vote at the special meeting, a company news release stated.

All proxy cards and ballots were turned over to Mellon Investor Services, LLC for final tabulation and certification.

Under the March 15, 2007 definitive agreement, GE Capital will acquire PHH in an all-cash transaction for $31.50 per share, or approximately $1.8 billion. It was previously reported that PHH's board of directors unanimously approved the deal to take the company private.

GE Capital had agreed to sell the mortgage operations of PHH to Blackstone Group affiliate Pearl Mortgage Acquisition 2 LLC and to retain the PHH Arval fleet management services portion of the business.

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

Danbury, Conn.-based GE Capital Solutions provides leasing, lending and capital investment products and services.

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