BrightPoint shareholders approve company’s sale

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

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.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In