ALEXANDRIA, Va.-Metrocall Holdings Inc. and Arch Wireless Inc. said their respective shareholders have approved the companies’ plan to merge. In addition, the companies received approvals from the Department of Justice and the Federal Communications Commission.
The agreement calls for Metrocall and Arch to merge, with each company becoming a subsidiary of a new company called USA Mobility Inc. The merger is expected to close next week.
However, holders of 9.1 percent of the fully diluted common stock of Metrocall asserted their rights to seek appraisal of the shares, which constitutes a failure of a condition for the completion of the merger. The condition would need to be waived for the merger to close.
Metrocall’s stock closed slightly down Monday, while Arch’s stock rose nearly 17 percent on the news.
