Penton Stockholders Approve Merger with Prism (posted 1/24)
Stockholders of Penton Media Wednesday approved the company’s merger with Prism Business Media during a special meeting. More than 93 percent of the votes cast by common stockholders and 100 percent of the votes cast by preferred stockholders favored the merger. The transaction is expected to close on or before February 6.
Prism announced in November its intention to buy Penton in a $530 million deal, which includes the repayment of Penton’s debt. Once the transaction is completed, the newly merged company will take the Penton name. Penton, which is now a publicly traded company, will become a privately owned venture of Wasserstein & Co. and MidOcean Partners.
Penton’s top executives, including Nussbaum, CFO Preston Vice and EVP Darrell Denny, own a combined total of 36,125 shares of the preferred stock. The three stand to reap sizeable payouts when they cash in their stock and exercise their total compensation packages at the close of the deal, according to a proxy statement filed in November with the SEC. Nussbaum alone is set to make between $5.4 million and $6.5 million. Denny and Vice could make as much as $1,818,669 and $1,373,030, respectively.