SHERMAN OAKS, Calif. – The stockholders of Earl Scheib Inc. have approved a proposed merger with Kelly Capital LLC, a private investment firm. More than 91 percent of the company’s shares outstanding on the record date for the company’s special meeting were cast in favor of the merger agreement.
On Feb. 18, the company and Kelly Capital announced the signing of the merger agreement, under which a wholly-owned subsidiary of Kelly Capital will merge with Earl Scheib, at which time the company will become a wholly-owned subsidiary of Kelly Capital. Approval of the merger agreement by the company’s stockholders satisfies one of the conditions to the completion of the merger. The merger will close after the completion of certain conditions, is expected to take place no later than April 30.
Christian Bement, president and chief executive officer, stated, "We are pleased that our stockholders overwhelmingly agreed with the board of directors that the proposed merger with Kelly Capital is in the best interests of the company. We received strong support for the merger. I believe that after the merger is completed the company will not only be strengthened, but be in a better position for future growth."
