Adesa stockholders approve merger with KAR Acquisition

By Lisa Kerner

Charlotte, N.C., March 28 - Adesa, Inc.'s stockholders approved the merger agreement with KAR Acquisition, Inc. at a special meeting held Wednesday.

KAR Acquisition will acquire all of the outstanding common stock of Adesa for $27.85 per share in a cash transaction expected to close in late April.

"We are pleased that the merger agreement was approved at [Wednesday's] special meeting by a majority of our shareholders," Adesa chairman and chief executive officer David Gartzke said in a company news release.

"We are even more pleased that nearly 75% of the shareholders who voted supported the transaction."

Adesa announced a definitive merger agreement with KAR Acquisition on Dec. 22.

KAR Acquisition is an indirect subsidiary of KAR Holdings II, LLC, an entity controlled by a group of private equity funds consisting of Kelso & Co., GS Capital Partners VI, LP, ValueAct Capital Master Fund, LP and Parthenon Investors II, LP.

Adesa, based in Carmel, Ind., provides wholesale vehicle auctions and used vehicle dealer floorplan financing services.

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