Verenex announced that at the special meeting of its securityholders held today, the previously announced plan of arrangement was approved by more than 99.95% of the votes cast by the securityholders. Pending the satisfaction of certain conditions, including approval by the Court of Queen's Bench of Alberta and approval under the Investment Canada Act, the arrangement will result in the Libyan Investment Authority, through its subsidiary, acquiring all of the issued and outstanding shares of Verenex.
The final amount of the working capital component of the cash purchase consideration for each Verenex share is to be determined after final court approval is obtained and before closing. The previously announced cash purchase consideration of $7.24 per share (including the working capital component) is still within range.
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