Pacific Ethanol and Aventine merger gets stockholder approval

In California, Pacific Ethanol and Aventine Renewable Energy Holdings announced their respective stockholders approved the proposed merger of the two companies at separate meetings. Completion of the merger is expected to be effective July 1, 2015, subject to the satisfaction of all conditions to closing. Under the terms of the merger agreement, Aventine stockholders will receive 1.25 shares of Pacific Ethanol common stock for each share of Aventine common stock they own at closing. Upon closing of the transaction, Aventine stockholders are expected to own approximately 42% and current Pacific Ethanol stockholders are expected to own approximately 58% of the combined company.