HOUSTON (20 November 2014)—Dresser-Rand Group Inc., a global supplier of rotating equipment and aftermarket parts and services, announced that, at a special meeting, its stockholders approved the adoption of the merger agreement with Siemens Energy, Inc., pursuant to which Dresser-Rand will be acquired by Siemens.
At the special meeting of stockholders, 98.9 percent of the votes cast were voted in favor of the adoption of the merger agreement. Shares representing 73.5 percent of Dresser-Rand's total outstanding shares of common stock as of the October 22, 2014 record date were represented in person or by proxy at the meeting. Dresser-Rand's stockholders also approved, on an advisory, non-binding basis, compensation that may become payable to named executive officers as a result of the merger.
At the effective time of the merger, Dresser-Rand stockholders will receive, for each share of common stock they own, cash in the amount of US$83, plus if the closing of the merger occurs on or after March 1, 2015, US$0.55 per month beginning March 2015 to and including the month in which the closing occurs.
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical and process industries. The company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, India and Brazil and maintains a network of 49 service and support centers (including six engineering and R&D centers) covering more than 150 countries.