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Tech Data shareholders say yes to going private, no to golden parachutes

February 13, 2020 - Shareholders of Tech Data Corp. (Nasdaq: TECD) overwhelming approved a $6 billion buyout of the IT distributor. Votes representing nearly 81 percent of the outstanding shares were cast in favor of the acquisition by Apollo Global Management at a meeting Wednesday at Tech Data’s Clearwater headquarters. Nearly 60 percent of the votes cast were opposed to a separate, non-binding proposal to pay millions of dollars in golden parachutes to Tech Data executives who lose their jobs in the deal, the company disclosed in a regulatory filing. When the deal closes, Tech Data, the largest company headquartered in the Tampa-St. Pete area, will become a privately owned company.

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