Steris (NYSE:STE) and Synergy Health postponed a shareholder vote on their proposed merger in order to comply with an information request from the U.S. Federal Trade Commission.
The vote, which was originally scheduled for March 12, will now be held May 12. The companies said they expect to be able to comply with the FTC’s request in April and to receive an update on its review in May.
Mentor, Ohio-based Steris and U.K.-based Synergy had hoped to complete the merger in June. Because of the delay, the long-stop date has been extended to July 12, pending U.K. court approval. Steris’ bridge credit agreement has likewise been extended to July 12.
U.K. anti-trust regulators green-lighted the proposed $2 billion inversion merger in February.
Under the proposed merger, announced last October, Steris will reincorporate as a British company, a move that should lower its effective tax rate from around 31.3% to 25%.
