Shares of InnerWorkings rose about 5.5% on Friday after the marketing solutions provider said that its shareholders approved the merger deal with UK-based HH Global Group at a special stockholders’ meeting held on Sept. 24. The merger, which is expected to close on Oct. 1, would create a combined global marketing services company.

Under the terms of the deal, announced on July 16, HH Global will acquire InnerWorkings (INWK) for $3 per share in cash, representing about $177 million in equity value. After the deal, InnerWorkings will become a wholly owned subsidiary of HH Global.

InnerWorkings’ CEO Rich Stoddart said “In addition to delivering an immediate cash premium to our shareholders, the combination will create a company with a stronger balance sheet and will enhance our ability to accelerate our transformation and serve our client base.”

HH Global’s CEO Robert MacMillan said that the deal “significantly accelerates our ability to execute on the next phase of our strategy by broadening our service offering and expanding our global reach.” He added that the “two companies have complementary offerings, capabilities and geographic operations.” (See INWK stock analysis on TipRanks).

Following the announcement of the HH Global merger deal in July, all 3 analysts covering the stock downgraded INWK to Hold from Buy, including Barrington analyst Kevin Steinke.

Currently, the Street remains sidelined on InnerWorkings with a Hold analyst consensus. The $3 average price target implies that the shares are fully priced at current levels. Shares have plunged 46% year-to-date.

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