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Rackspace asks shareholders to approve Apollo Global deal

RackspaceHosting Inc. is urging its stockholders to approve the company'sproposed merger withaffiliates of Apollo GlobalManagement LLC, and three other related proposals, during a Nov. 2special meeting.

Shareholders who vote against the merger will be able todemand for an appraisal of the value of their shares, provided that suchdemands will be delivered before the vote on the merger is taken, according toa definitive proxy statement filed Sept. 30.

As part of the deal, shareholders are entitled to get $32 in cash pershare, Rackspace said in a letter to stockholders that same day.

Rackspace also asked its stockholders to vote in favor ofproposals to adjourn the special meeting to later dates to solicit additionalproxies in case of insufficient votes for the merger; to provide compensationfor Rackspace's named executive officers in relation to the merger; and tospeed up the vesting of several equity awards held by Rackspace's non-employeedirectors.