Feldman Leads National Association of Professional Women's Merger with Professional Diversity Network
Professional Diversity Network, Inc. (NASDAQ: IPDN), a Chicago-based operator of online professional networking communities dedicated to serving diverse professionals and employers seeking to hire diverse talent, announced that it has completed its merger with Olshan client the National Association of Professional Women (NAPW), one of the largest, most-recognized networking organizations of professional women in the country. Pursuant to the parties’ Merger Agreement entered into in July 2014, and then approved by PDN’s stockholders, NAPW’s sole shareholder, Matthew B. Proman, and senior executive officers, including Star Jones, NAPW’s President and National Spokeswoman, received a total of 6,309,845 shares of PDN common stock at closing, equal to 50% of the PDN’s outstanding shares, and Mr. Proman also received other consideration including cash and a seller note. At closing, the combined companies have a market capitalization of $70.0 million. Following the merger, Matthew B. Proman and Star Jones will join PDN’s Board of Directors, along with NAPW’s director nominees Randi Zuckerberg and Donna Brazile, and Ms. Jones will become PDN’s President and Mr. Proman will become its Executive Vice President and Chief Operating Officer. Corporate partner Spencer G. Feldman led the representation of NAPW, assisted by partner Michael R. Neidell. McGuireWoods, LLP represented PDN in the merger. Aegis Capital Corp. acted as PDN’s financial advisor and Maxim Group LLC acted as NAPW’s financial advisor in the merger.