K2M Group Holdings Inc. announced its stockholders approved the adoption of the agreement and plan of merger, dated as of Aug. 29, 2018, which may be altered by and among Stryker Corporation, Austin Merger Sub Corp and K2M, according to a company press release.
According to the agreement, Merger Sub, a wholly owned subsidiary of Stryker, will merge with and into K2M with K2M surviving the merger as a direct or indirect wholly owned subsidiary of Stryker. According to the release, K2M expects the merger to close in the fourth quarter of 2018.
Apart from the K2M stockholder approval, the merger completion is subject to customary closing conditions. When the merger closes, K2M’s stockholders will have the right to receive $27.50 in cash without interest and less any applicable withholding taxes, for each K2M share of common stock they own prior to the effective time of the merger.