Raven Industries has announced that, at a special meeting held on Sept. 15, 2021, its shareholders voted strongly to approve the pending transaction with CNH Industrial. More than 71% of the outstanding shares of Raven voted, and of the shares that voted, over 99% voted in favor of the transaction with CNH Industrial.
Dan Rykhus, Raven president & chief executive officer, said, “We thank our shareholders for their strong support of this transaction. We look forward to working with the CNH Industrial team to close the transaction.”
The transaction is expected to close in the fourth quarter of 2021, subject to approval from the Committee on Foreign Investment in the United States (CFIUS) and acceptance by the Defense Counterintelligence and Security Agency (DCSA) of a signed commitment letter.
The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission, after certification by Raven’s inspector of elections.
J.P. Morgan Securities LLC acted as financial advisor to Raven and Davis Polk & Wardwell LLP as its legal advisor.