Whittier Energy Corporation announced today that the proposed merger with Sterling Energy plc was approved at the special meeting of stockholders held today in Houston, Texas. The merger is expected to close tomorrow, March 28, 2007.
Whittier announced that, based upon the preliminary tally of shares voted, approximately 8.3 million shares, or more than 65 percent of the total shares outstanding as of the record date for the special meeting, were voted in favor of the merger. Of the shares voted, more than 98 percent were voted in favor of the merger. Approval of the merger required the affirmative vote of a majority of the shares outstanding as of the record date for the special meeting, February 20, 2007. As of the record date, Whittier had 12,723,132 shares of stock outstanding.
Under the terms of the merger agreement, Whittier stockholders will receive $11.00 in cash for each share of Whittier Energy common stock.
