Double-Take Software Inc (NASDAQ: DBTK | PowerRating), a provider of recovery solutions, disclosed on Thursday that the proposal to adopt the merger agreement with Vision Solutions Inc, a portfolio company of Thoma Bravo LLC and wholly-owned subsidiary of Vision Solutions, was approved by its stockholders.

Shareholders, as of record date 18 June 2010 for the special meeting, voted affirmative by a majority of 71% of the outstanding Double-Take common shares as required, the company said and added that pursuant to the merger its stockholders will receive USD10.55 in cash for each common share held.

Subject to the satisfaction of certain conditions in the agreement and in the Definitive Proxy Statement filed by the company with the US Securities and Exchange Commission on Wednesday, the merger will close and its common stock stop trading on NASDAQ as of the close of business today (Friday).

Post merger, Double-Take will become a wholly-owned subsidiary of Vision Solutions.

Source:http://www.tradingmarkets.com/news/stock-alert/dbtk_double-take-software-announces-stockholders-approval-for-merger-agreement-with-vision-solutions-inc-1061633.html

Double-Take Software, a provider of recovery solutions, has announced that counsel for it and the other defendants have entered into a memorandum of understanding with counsel to the plaintiffs in the putative stockholder class actions pending in both the Court of Chancery of the State of Delaware and the Superior Court of the Commonwealth of Massachusetts in Worcester County.

The stockholder class actions were filed in connection with the pending acquisition of the company by Vision Solutions, pursuant to the definitive merger agreement entered into on May 17, 2010.

The memorandum of understanding (MoU) provides for the terms of a settlement of the Delaware litigation, which would include the dismissal with prejudice of all claims against all of the defendants and the dismissal of all claims in the lawsuit on behalf of the settlement class.

The counsel for the Massachusetts plaintiffs have agreed to stay the Massachusetts actions pending final approval of the settlement and thereafter to seek dismissal of the Massachusetts actions, provided that the settlement receives final approval. In addition, in connection with the settlement and as provided in the MoU, the parties contemplate that plaintiff’s counsel will seek an award of attorneys’ fees and expenses as part of the settlement.

The proposed settlement is conditional upon, among other things, the execution of an appropriate stipulation of settlement and final approval of the proposed settlement by the court in Delaware.

In connection with entering into the MoU, Double-Take has filed definitive additional proxy materials with the securities and exchange commission to disclose the memorandum of understanding and proposed settlement and to supplement the disclosures in the definitive proxy statement filed by the company in connection with the pending merger.

Source:http://www.tradingmarkets.com/news/stock-alert/dbtk_double-take-enters-into-mou-regarding-stockholder-class-actions-1051822.html

Double-Take Software Inc. said on Friday that it and other defendants have signed a memorandum of understanding to settle shareholder class actions in Delaware and Massachusetts over its planned acquisition by Vision Solutions Inc.

Double-Take Software, which provides software and services to recover and back up data, said it had agreed to make additional disclosures about the acquisition, which was announced in May.

It said the memorandum of understanding includes the terms of a settlement of the Delaware case, including the dismissal of all claims. Lawyers in the Massachusetts case have agreed to stay their action and seek dismissal once the Delaware case is closed. The company said it expects the plaintiff’s attorneys will be awarded fees and expenses as part of the settlement.

The company said it agreed to the settlement “to eliminate the uncertainty, distraction, burden and expense of further litigation” and to make sure its acquisition by Vision Solutions moves forward without the threat of court action.

Double-Take shares fell 4 cents to close at $10.48 on Friday. Vision Solutions is planning to pay $10.55 per share for it.

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