Tolland manufacturer Gerber Scientific Inc. says it is now clear to become a private company, perhaps as early as Monday, following shareholder approval of its $281 million merger with Vector Capital.
A majority of Gerber stockholders voted Thursday to clear the $11-a-share merger with Cayman Islands-based acquirer, the company said.
Shareholders also gave non-binding approval to unspecified pay packages to unnamed Gerber executives as part of the deal, Gerber said.
Publicly traded Gerber makes equipment and software used for making signs, specialty graphics and apparel.
To clear way for the merger announced in mid-June, Gerber settled with a group of stockholders threatening a class-action lawsuit to block the deal. Gerber agreed to, among other things, pay $375,000 toward the group’s attorneys’ fees.
Late inventor Joseph Gerber started the company in South Windsor in 1945 making engineering tools and instruments.
