Marlin Business Services completes merger with Madeira Holdings unit

Marlin Business Services Corp. completed its merger with Madeira Holdings LLC unit Madeira Merger Subsidiary Inc.

Marlin was the surviving corporation and became a wholly owned subsidiary of Madeira Holdings, which is a subsidiary of funds managed by HPS Investment Partners LLC.

At the effective time of the deal, each issued and outstanding share of Marlin's common stock was canceled and converted into the right to receive $23.50 per share in cash, without interest. Those shares do not include shares held by any record holder who is entitled to demand and properly demands payment of the fair cash value of such shares as a dissenting shareholder and who complies in all respects with the provisions of Subchapter 15D of the Pennsylvania Business Corporation Law of 1988.

Furthermore, all of the directors of Marlin immediately prior to the effective time of the merger ceased serving as directors of the company, and the directors of Madeira Merger Subsidiary immediately prior to the effective time became the directors of Marlin.

Marlin notified the Nasdaq Global Select Market about the completion of the merger, and the trading of its common stock on Nasdaq was suspended. The company also requested that Nasdaq file a delisting application with the Securities and Exchange Commission to report the delisting of the common stock.