December 16 - Further to our report on November 30, shareholders have approved the acquisition of American Commercial Lines (ACL) by an affiliate of Platinum Equity by an 80 percent margin.
Subject to the satisfaction or waiver of certain conditions set forth in the merger agreement and discussed in the Definitive Proxy Statement on Schedule 14A filed by ACL with the Securities and Exchange Commission on November 15, 2010, ACL expects the merger contemplated by the merger agreement to close and ACL's common stock to cease to trade on NASDAQ by the end of December 2010.
American Commercial Lines is headquartered in Jeffersonville, Indiana, and is an integrated marine transportation and service company operating in the United States Jones Act trades, with approximately USD850 million in revenues and approximately 2,570 employees as of December 31, 2009.
Platinum Equity is a global M&A&O(R) firm specialising in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution.
Since its founding in 1995 by Tom Gores, Platinum Equity has completed over 100 acquisitions with more than USD27.5 billion in aggregate annual revenue at the time of acquisition.
