Angelica shareholders approve sale of company

Tag : Linen Textile
ST. LOUIS -
Angelica Corp. , a provider or textile rental and linen management services to thehealth care market, said Tuesday its shareholders approved the saleof the company to Lehman Brothers Merchant Banking.
Under the terms of the agreement Angelica shareholders will receive$22 in cash for each share they own. The deal is valued at $209.6million.
The sale, which was first announced in May, is expected to closenext week.
Lehman Brothers (nyse: LEH - news - people ) Merchant Banking, a unit of Lehman Brothers Holdings Inc., is aprivate equity group that makes investments in middle-marketcompanies.
Shares of Angelica rose $1.52, or 7.6 percent, to $21.48 inafternoon trading.

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