Shareholders OK Applied Power-Zero Merger

Shareholders of Zero Corp. and Applied Power Inc. voted in special meetings to approve the merger of a newly created subsidiary of Applied Power and Zero, maker of products used to protect and cool electronic equipment. Applied Power, a Butler, Wis.-based maker of electrical tools and industrial equipment, said in April it agreed to acquire Los Angeles-based Zero in a deal valued at $427 million. Under the terms of the agreement, Zero shareholders will receive 0.85 share of Applied Power for each Zero share. In New York Stock Exchange trading, Zero’s shares fell $1 to close at $28, and Applied Power’s shares slipped 94 cents to close at $33.50