The shareholders of ingredients manufacturer Innophos Holdings Inc. voted to approve the acquisition of the firm by an affiliate of private equity firm One Rock Capital Partners LLC this week, moving the deal closer to completion, the firm said in a company press release.
Plans for the deal were first announced in October 2019 when One Rock signed a definitive agreement to purchase Innophos for $932 million. The Cranbury, NJ-based company’s board of directors unanimously approved One Rock’s proposal to buy all of its outstanding shares for $32 per share.
Innophos said Wednesday that is shareholders “overwhelmingly approved the transaction. Over 99% of those voting wanted the transaction to proceed, according to the company.
The deal is expected to close in February 2020. Innophos will become a privately held company and its shares of common stock will be withdrawn from the public market.
Bloomberg reported that Innophos started considering a sale with a financial advisor in September 2019.