Stockholders of
Tanox, Inc. (Nasdaq:
TNOX) have voted in favour of the merger agreement with
Genentech, Inc. (NYSE:
DNA) that will make Tanox its wholly owned subsidiary.
Approximately 34.2 million shares of common stock were voted at the special meeting in favor of the adoption of the merger agreement, representing about 75.5 percent of Tanox's total outstanding shares and 99.9 percent of the number of shares voted at the meeting.
The terms of agreement entitles Tanox stockholders $20.00 in cash, without interest, for each share of Tanox common stock held, which will be received promptly after the closing of the merger.
Based in Houston with a manufacturing facility in San Diego, Tanox is a biotechnology company specializing in the development of monoclonal antibodies.
Find more details from the press release.
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