Vintage Petroleum, Inc. announced that its stockholders have approved the merger agreement between Vintage and Occidental Petroleum Corporation at a special meeting of stockholders, paving the way for the acquisition of Vintage by Occidental to be completed.
The proposed transaction was overwhelmingly approved with approximately 55.0 million shares, or 99.9 percent of the shares represented at the meeting, voting in favor of the merger. Vintage had approximately 67.2 million shares outstanding as of the November 30, 2005 record date.
Vintage and Occidental expect to complete the merger on January 30, 2006. Following completion of the merger, Vintage stockholders of record will receive instructions from Mellon Investor Services LLC pertaining to the exchange of Vintage shares for the merger consideration.
Under the terms of the merger, Vintage will be merged into a subsidiary of Occidental and Vintage stockholders will gain the right to receive 0.42 shares of Occidental Petroleum Corporation common stock plus $20 in cash for each share of Vintage common stock they hold.
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