SumTotal's stockholders approve merger with Vista Equity Partners
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SumTotal's stockholders approve merger with Vista Equity Partners
Bangalore: SumTotal systems, a provider of talent development solutions, announced that approximately 99 percent of SumTotal's stockholders present at the company's special meeting of stockholders approved the proposed transaction with affiliates of Vista Equity Partners fund III and the transaction has been completed. As per the agreement, SumTotal stockholders are entitled to receive $4.85 in cash for each share of SumTotal common stock that they hold. Letters of transmittal allowing SumTotal stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker. With the closing of the transaction, SumTotal stock will cease to trade on the NASDAQ at market close today and will be delisted.

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