Collins Industries Inc's shareholders have approved the merger agreement with Steel Partners II LP, a private investment partnership based in New York. Steel Partners is purchasing Collins in affiliation with American Industrial Partners, an operationally focused private equity firm.
The merger agreement was approved by holders of 75.3% of the outstanding shares of Collins common stock at a special meeting of shareholders held October 30. As previously announced, under terms of the merger agreement, Collins shareholders will receive $12.50 in cash for each share of Collins common stock they hold. The total value of the transaction, including assumed debt and expenses, is about $110 million.