TTI Shareholders Approve MergerTTI Shareholders Approve Merger

Tie-up with Teoco goes ahead for OSS vendor

July 26, 2010

1 Min Read

ROSH HA'AYIN, Israel -- TTI Team Telecom International Ltd. (Nasdaq:TTIL), a global supplier of Operations Support Systems (OSS) to communications service providers, announced today that at its Extraordinary General Meetings of (1) the holders of its ordinary shares, (2) the holders of its preferred shares, and (3) all holders of ordinary and preferred shares, voting as one class (the "General Meeting"), each held on July 22, 2010, the TTI Telecom shareholders voted to adopt and approve the Agreement and Plan of Merger, dated as of June 8, 2010 (the "Merger Agreement"), by and among TEOCO Corporation, a Delaware corporation ("Parent"), TEOCO Israel Ltd., an Israeli company and a wholly owned subsidiary of Parent ("Merger Sub"), and TTI Telecom, the merger of Merger Sub with and into TTI Telecom (with TTI Telecom continuing as the surviving company) (the "Merger") and the other transactions contemplated by the Merger Agreement.

Approximately (1) 48.8% of the outstanding ordinary shares of TTI Telecom, (2) 100% of the outstanding preferred shares of TTI Telecom, and (3) 55.8% of the outstanding ordinary and preferred shares of TTI Telecom, on the record date were cast in favor of adoption of the Merger Agreement and the transactions contemplated thereby. The votes cast in favor of the transaction in the General Meeting constituted 99.9% of the aggregate shares voted.

TTI Team Telecom International Ltd. (Nasdaq: TTIL)

Teoco Corp.

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