Pinnacle Gas Resources, Inc. Shareholders Approve Agreement to be Acquired

Pinnacle Gas Resources is headquartered in Sheridan.
Pinnacle Gas Resources is headquartered in Sheridan.

SHERIDAN, Wyo., Aug. 9 /PRNewswire-FirstCall/ -- Pinnacle Gas Resources, Inc. (Nasdaq: PINN) has announced that a majority of its shareholders, including a majority of shareholders unaffiliated with DLJ Merchant Banking Partners III, L.P. or the Company's chief executive officer or chief financial officer, voted to approve the acquisition of Pinnacle by Powder Holdings, LLC, an entity controlled by Scotia Waterous (USA) Inc. in a cash transaction for $0.34 per share of common stock.
The number of votes cast for adoption of the merger agreement represented approximately 72.6% of the aggregate voting power of the Company's common stock outstanding and entitled to vote.

The company anticipates that the closing will occur during the third quarter, subject to the satisfaction of customary closing conditions and the receipt of waivers from the Company's lender, The Royal Bank of Scotland plc.

Sheridan Motor
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