Hillrom Shareholders Approve Acquisition By Baxter; Hillrom Shareholders Will Receive $156/Share In Cash

Hillrom (NYSE:HRC) today announced that its shareholders have voted to approve the previously announced pending acquisition by Baxter International Inc. (NYCE: BAX) at a special meeting. Hillrom shareholders voted overwhelmingly in favor of the transaction. Under the terms of the merger agreement, Hillrom shareholders will receive $156.00 per share in cash for every share of Hillrom stock they own immediately prior to the effective time of the merger.

"The strong support of our investors over the years and in today's shareholder vote is an important validation of our vision of Advancing Connected Care™, and we are proud of the significant shareholder value creation that has occurred due to Hillrom's transformation," said Hillrom President and CEO John Groetelaars. "I would like to thank the global Hillrom team, 10,000 associates whose passion to enhance outcomes for patients and caregivers has led to this truly momentous occasion in our 100-plus year history."

Based on a preliminary tabulation of the shareholder vote, approximately 99% of all votes cast, which represents approximately 70% of all outstanding shares on October 18, 2021, the record date for the special meeting, were voted in favor of the merger.

The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. The transaction is expected to close in 2021 or early 2022.

The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by Hillrom with the U.S. Securities and Exchange