LECG shareholders have approved the consulting firms merger with Smart Business Advisory & Consulting along with a related proposal for LECG to receive a $25 million cash investment from Smarts majority shareholder, Great Hill Partners.
The deal was originally announced in August and was then expected to close in the fourth quarter (see
Upon the closing of the merger, LECG will issue approximately 10.9 million shares of common stock to acquire all of Smart's outstanding shares, and LECG will issue approximately 6.3 million shares of newly created preferred stock priced at $3.96 per share, for total proceeds of $25 million in cash. Each share of preferred stock is convertible into one share of LECG common stock.
Michael Jeffery will continue as CEO of LECG until the transaction formally closes.
