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Friday, November 09, 2007|
Delayed Shareholder Vote Holds Up Rydex-Security Benefit Deal
The close of the Rydex-Security Benefit deal will most likely be delayed from the fourth quarter of 2007 to the first quarter of 2008, due to shareholder voting logistics. In a conference call with the Topeka Capital-Journal Wednesday, Security Benefits' company managers said that additional shareholders need to put in their votes before the sale could be approved. For the sale to go through, 50 percent of the outstanding shareholders need to participate in a vote, with 67 percent of those ratifying the sale. A special meeting of shareholders had been scheduled for October 4, but was then adjourned to November 1 and then pushed back to December 20, according to company officials. No word on whether the internal turmoil at Rydex that followed the sale has anything to do with the delays.
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