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Now that Cybex International is a private company, Art Hicks, president and COO of the company, anticipates having more time and resources to move Cybex forward and meet the changing needs of customers.
On Feb. 6, Cybex shareholders approved Cybex's plan to go private, a plan originally approved by its board of directors in October. Shareholders will receive $2.55 per share, and the company now is owned by CEO John Aglialoro, his wife Joan Carter (who is on the Cybex board) and the couple's company, UM Holdings.
About five shareholders attended the 30-minute shareholders meeting at the company's Medway, MA, office, Hicks says. The rest of the shareholders mailed in their proxies. The vote was "overwhelmingly" in favor of the privatization, Hicks says.
Shareholder lawsuits over the terms of the privatization may continue, Hicks says, but those should go away now that the transaction is done.
Over time, being private will give Cybex more resources and freedom to do what it wants to do, Hicks says.