MOD-PAC Shareholders Approve Going Private Transaction - Quick Facts

(RTTNews) - MOD-PAC Corp. (MPAC) announced that its shareholders approved going-private merger agreement under which Kevin Keane, Chairman of the company, and Daniel Keane, President and Chief Executive Officer of the company, and their associates and affiliates will acquire the approximately 81.3% of the Company's outstanding capital stock that they do not already own for $9.25 per share in cash.

The merger was approved by over 66 2/3% of the Company's shareholders voting as a single class and by a majority of the issued and outstanding shares of the Company's stock, when excluding the shares beneficially owned by Kevin Keane, Daniel Keane, and any other related shares. The total transaction is valued at approximately $24.6 million.

The merger is expected to close on or about September 30, 2013, subject to the satisfaction of customary closing conditions.