Salt Lake City — In an Extraordinary General Meeting at Otix Global, Inc, the company has announced that it has adopted its Board’s proposal to merge with William Demant Holding Group.

The approval comes after a bidding war with GN Resound, parent company of ReSound, during September and October. Ultimately, William Demant won with a final matching bid on October 13th.

If all conditions to complete the merger are met, the stockholders of Otix will receive, after closing, a total settlement of USD 64.2 million corresponding to approximately DKK 350 million or a price of USD $11.01 per share of stock.

The merger completion is currently now awaiting the US antitrust authorities’ approval, which Otix and William Demant reportedly expect to receive before the end November 2010.

Consequently, the final merger closing is still expected to take place before year-end 2010 in accordance with the original announcement.

SOURCE: Otix Global