First Advantage Corporation and Sterling Check Corp. announced on October 21, 2024, that the deadline for Sterling stockholders to elect their preferred form of merger consideration is 5:00 p.m. Eastern Time on October 24, 2024. This election pertains to the acquisition of Sterling by First Advantage, a transaction initially agreed upon on February 28, 2024. The announcement is a key procedural step in the merger process.
Sterling stockholders, including record holders of vested shares and eligible holders of common stock equivalents, were sent election materials starting September 5, 2024. Those holding shares through a bank or broker may have an earlier deadline and were advised to review their specific materials. Eligible holders of Sterling common stock equivalents and unvested shares must make elections via the Fidelity Election Site.
Each Sterling stockholder is entitled to receive either $16.73 in cash or 0.979 shares of First Advantage common stock for each share held. The merger consideration is subject to proration, ensuring 72% of aggregate shares are converted into cash and 28% into stock. The parties expect to close the $2.2 billion transaction on October 31, 2024, pending regulatory clearances and other customary closing conditions.
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