Corixa Corporation’s shareholders have formally given their blessing to the company’s $300 million dollar takeover by GlaxoSmithKline.
Under the terms of the deal, which was announced earlier this year [[03/05/05c]], Corixa shareholders will receive $4.40 in cash for each share of common stock. Holders of series A and series B preferred shares will receive $517.65 and $172.01 in cash for each share respectively.
Although the deal came in for some stinging criticism from one of Corixa’s major shareholders [[16/06/05g]], who said it was not a fair price tag, shareholder approval is the final condition that needed to be satisfied to close the deal. Corixa will now be merged into a wholly owned GSK subsidiary.