LXK Lexmark International, Inc. (delisted)

Lexmark International Inc. said its shareholders have voted to approve the company's acquisition by a consortium of investors led by Apex Technology Co. for about $2.54 billion.

The printer maker said 70% of its shares were voted at a shareholder meeting held Friday. Of that portion, 99% voted to approve the company's acquisition by investors including Apex, investment firm PAG Asia Capital and Legend Capital Management Co.

Apex makes printer-cartridge chips for remanufacturers and distributors.

In the agreement, Lexmark shareholders will get $40.50 a share—a 17% premium over the price when the deal was announced in April—in cash for each the company's 83.4 million shares.

Earlier this year, Lexmark's negotiators got the Chinese consortium to agree to a $150 million reverse breakup fee, payable if the deal doesn't pass Chinese regulatory review. The buyers would also be on the hook for a $95 million payment if U.S. regulators block the deal. Chinese buyers like HNA Group and Anbang Insurance Group Co. have recently been agreeing to large reverse breakup fees in acquisitions, reflecting an eagerness to get deals done.

The transaction has yet to be approved by regulators including the Committee on Foreign Investment in the U.S. The deal is expected to close in the second half of 2016.

Lexmark shares rose 2 cents to $37.91 Friday. The stock has fallen 0.4% over the past three months.

Write to Brittney Laryea at brittney.laryea@wsj.com

(END) Dow Jones Newswires

July 22, 2016 10:45 ET (14:45 GMT)

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