Shareholders approve Jamba Juice merger
March 22, 2006
FORT LAUDERDALE, Fla. — Jamba Juice shareholders approved a merger with Services Acquisition Corp. International (SVI) March 22.
According to a news release, Jamba Juice's Board of Directors previously approved the merger and recommended shareholders second the measure. No further approval by Jamba Juice shareholders is required. As a result, Jamba Juice has now satisfied one of the conditions to closing.
On March 13, the two companies announced a planned merger under which Jamba Juice will merge with SVI. Upon completion of the deal, SVI will seek to change its name to Jamba, Inc. Under the terms of the agreement, Jamba Juice shareholders will receive cash of $265 million less certain indebtedness, transaction expenses and amounts escrowed for indemnity claims.
