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 LECG to Merge with Smart). LECG and Smart now expect to complete the merger by the end of January.
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.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access