MOSAID Technologies Inc. (MSD.TO) announced that its shareholders have voted to approve statutory arrangement pursuant to which 7577796 Canada Inc., a corporation directly or indirectly owned by investment funds under the management of Sterling Fund Management, LLC, will acquire all the outstanding common shares of MOSAID for a cash payment of $46.00 per share. The total value of the transaction is about $590 million.
The arrangement was approved at a special meeting of MOSAID shareholders held on December 19, 2011 by about 99.95% of the votes cast, which vote included a majority of the votes cast excluding any votes required to be excluded pursuant to applicable securities laws.
The company stated that a final order approving the arrangement will be sought from the Ontario Superior Court of Justice at a hearing to be held on or about December 22, 2011. Assuming this final order is received and all other conditions precedent to closing the arrangement are satisfied or waived at the time, the arrangement is currently expected to close on or about December 23, 2011.
MOSAID also announced that it has received notice of early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and has received a no action letter from the Canadian Commissioner of Competition confirming that the Commissioner does not at this time intend to make an application to challenge the proposed arrangement.
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