American Power Conversion Corporation and Schneider Electric announced that at a special meeting held today the shareholders of APC approved the merger of APC with a wholly-owned subsidiary of Schneider Electric.
As previously announced on 30 October, 2006, APC and Schneider Electric entered into an agreement and plan of merger, which provides, among other things, for each share of APC common stock to be converted to the right to receive US$31.00 in cash.
APC and Schneider Electric continue to expect the transaction to close in the first quarter of 2007 pending receipt of outstanding antitrust regulatory approvals