Sierra Nevada Acquisition of SpaceDev Approved by Stockholders
[Satellite Today 12-16-08] SpaceDev Inc. shareholders, along with holders of outstanding SpaceDev preferred stock, have approved the acquisition of SpaceDev Inc. by Sierra Nevada Corp., SpaceDev announced Dec. 16.
More than 94 percent of SpaceDev’s shareholders approved the transaction at the company annual stockholders meeting Dec. 15.
SNC will merge its wholly owned subsidiary into SpaceDev. As a result of the merge, SpaceDev itself will become a subsidiary of SNC.
All shares of SpaceDev common stock outstanding at the effective time of the merger have been converted into the right to receive about $0.72 per share in cash.