Brightpoint and Tech Companies and Technology

BrightPoint shareholders approve company’s sale

September 19, 2012

Shareholders of BrightPoint Inc. on Wednesday voted overwhelmingly to approve the Indianapolis-based company’s sale to Ingram Micro Inc., a company spokesman said.

California-based Ingram Micro agreed in July to buy Brightpoint for about $840 million, including $190 million in debt. BrightPoint stockholders are set to receive about $9 per share in cash.

Votes representing 50.3 million shares were cast in favor of the deal, compared to 122,235 that were not.

Santa Ana-based Ingram Micro is the world's largest technology distributor and supply-chain services provider.

BrightPoint, founded in Plainfield in 1989, provides logistics to sellers of wireless devices. It has more than 1,300 employees in the Indianapolis area and about 4,000 worldwide.

BrightPoint shares are trading at $8.97, a price that has remained relatively steady following an initial surge when the deal was announced in July.

An additional vote also overwhelmingly approved a $31 million compensation agreement for six of BrightPoint's executive officers that hinges on the merger being completed. Votes representing 42.2 million shares were cast in favor of the plan compared to 5.9 million that were opposed.

ADVERTISEMENT

Recent Articles by IBJ Staff

Comments powered by Disqus