CAM Commerce Announces Stockholder Approval of Merger Agreement and Completion of Acquisition by Affiliate of Great Hill Partner
August 14 2008 - 7:39PM
Marketwired
CAM Commerce Solutions, Inc. ("CAM Commerce") (NASDAQ: CADA), a
leading provider of highly integrated retailing and payment
processing solutions for small to medium size traditional and
eCommerce businesses, announced today the completion of its
acquisition by an affiliate of Great Hill Partners, LLC ("GHP"), a
leading private equity investment firm.
At a special meeting of stockholders held today, CAM Commerce
stockholders adopted an Agreement and Plan of Merger, dated as of
June 9, 2008, by and among CAM Commerce, Vegas Holding Corp.
("Parent"), and Vegas Merger Sub Inc. ("Merger Sub"). Parent and
Merger Sub are affiliates of GHP. The merger agreement was adopted
by stockholders representing 3,058,046 shares, or approximately 98%
of shares voted and approximately 74% of shares outstanding.
In accordance with the merger agreement, Merger Sub was merged
with and into CAM Commerce, with CAM Commerce continuing as the
surviving corporation in the merger and now a wholly-owned
subsidiary of Parent. The current CAM Commerce senior management
team, led by Geoffrey Knapp, the Chief Executive Officer of CAM
Commerce, will continue to operate the business.
CAM Commerce stockholders as of the effective time of the merger
are entitled to receive $40.50 for each share of CAM Commerce
common stock owned by them. Stockholders who hold shares through a
bank or broker will not have to take any action to have their
shares converted into cash, since these conversions will be handled
by the bank or broker. Stockholders who hold stock certificates can
exchange their certificates for $40.50 per share in cash, without
interest, through CAM Commerce's transfer agent and the paying
agent for the merger, American Stock Transfer & Trust Company.
American Stock Transfer & Trust Company will be mailing out
instructions to registered stockholders in the next several days
regarding specific actions they will need to take to exchange their
shares for the cash consideration.
As a result of the completion of the merger, CAM Commerce common
stock will no longer be traded on the Nasdaq Global Market.
About CAM Commerce
CAM Commerce designs, develops, markets, installs and services
highly integrated retailing and payment processing solutions for
small to medium size traditional and eCommerce businesses based on
the company's open architecture software. These integrated
solutions include credit and debit card processing, inventory
management, point of sale, accounting, Internet sales, gift card
and customer loyalty programs, and extensive management reporting.
You can visit CAM Commerce at www.camcommerce.com.
About GHP
GHP is a private equity firm that manages over $2.5 billion in
capital to finance the expansion, recapitalization or acquisition
of growth companies in a wide range of sectors within the business
and consumer services, media, communications and software
industries. For more information, please visit
www.greathillpartners.com.
Investor Relations Contact: CAM Commerce Solutions Investor
Relations Paul Caceres Email Contact (714) 241-9241
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