K2M (NSDQ:KTWO) said today that its shareholders approved its $1.4 billion merger with Stryker (NYSE:SYK) during a special meeting of stockholders.
The deal calls for Kalamazoo, Mich.-based Stryker to pay $27.50 per share for each outstanding share of K2M, for a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29.
K2M will become a wholly-owned subsidiary of Stryker upon closing, the companies said. Both firms are “actively working towards closing,” and are hopeful it will complete during the fourth quarter, according to a press release.
Last month, K2M mollified investors who sued to block its $1.4 billion merger with K2M by releasing more details on its financials.
