Shareholders of supply chain management software pioneer i2 Technologies voted Thursday to approve JDA Software’s $346 million buyout, brushing aside JDA’s request to renegotiate the buyout at a lower price.
Earlier this week, JDA announced that its financing for the deal, approved by i2’s board in August, was in jeopardy, as the global financial crisis that exploded in the intervening months had raised financing terms to a level that JDA said would incur “unacceptable risks and costs to the combined company.”
In light of those developments, JDA requested that i2 forgo the meeting and negotiate a reduction in the proposed acquisition price.
In a statement released Thursday, i2 declared, “With the successful stockholder vote today, i2 has completed all of its conditions to closing the existing merger agreement and expects that JDA will fulfill its obligations under the agreement.”