CEO Carl Verboncoeur
has lined up the proxy votes he needs to complete his company's sale to Security Benefit
, the MFWire
Rydex spokesperson Lori Klash-Winkler confirmed that, "all of the proxy requirements have been met."
A source with knowledge of the vote told the MFWire
that Rydex got approval for the deal by getting a majority approval from its funds that generated 90 percent of the company revenue. This person added that the announcement may be made at Rydex's annual employee meeting that will take place next week.
A second source said the deal is believed to be closing this week.
The Rydex-Security Benefit deal was first annouced in late June of 2007. (see: MFWire "Rydex Says Yes to Security Benefit"
June 28, 2007) The deal was set to close in Q4 of last year but Rydex had difficulty in getting the proxy votes needed.
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