KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comAllied Capital cancels shareholder meeting
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WASHINGTON (AP) - Allied Capital Corp. on Wednesday canceled a special meeting for stockholders scheduled for next week after it agreed to sell itself to Ares Capital.
In a deal announced Oct. 25, Ares said it would buy Allied in an all-stock deal worth $648 million. The deal values Allied's stock at $3.47 per share.
The special shareholder's meeting announced in October wasscheduled for Nov. 18 to seek approval for the company to sell certain stock and to allow the company to issue warrants, options or other convertible securities.
Allied said it will set a date for a different special meeting to seek approval for the buyout. The company expects that meeting to be held in the first quarter of 2010.
Allied Capital's shares added 9 cents, or 3 percent, to $3.15 in afternoon trading.
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