Benzinga | Nov 2, 2021 05:46PM EDT

QAD Stockholders Approve Acquisition By Thoma Bravo For $87.50/Share

QAD Inc. (NASDAQ:QADA) (NASDAQ:QADB), a leading provider of next-generation manufacturing and supply chain solutions in the cloud, today announced that its stockholders approved the acquisition of QAD by Thoma Bravo, a leading software investment firm, at a special meeting.

"With the strong support of our stockholders, we have taken another important step toward completing the transaction with Thoma Bravo and beginning QAD's next chapter as a private company," said Anton Chilton, QAD's Chief Executive Officer. "We are pleased with this outcome and eager to partner with Thoma Bravo to accelerate our vision of enabling the Adaptive Manufacturing Enterprise."

The final voting results will be filed in a Form 8-K with the U.S. Securities and Exchange Commission.

Subject to the terms of the definitive merger agreement announced on June 28, 2021, QAD stockholders will receive $87.50 per share of Class A Common Stock or Class B Common Stock. The Company expects to announce consummation of the merger within the coming days, subject to the satisfaction of certain customary closing conditions. Upon closing of the transaction, QAD's common stock will no longer be listed on the Nasdaq stock market.