Verenex announced that approval under the Investment Canada Act for the previously announced plan of arrangement, pursuant to which the Libyan Investment Authority, through a subsidiary, will acquire all of the issued and outstanding shares of Verenex, remains outstanding. Industry Canada has extended the 45-day review period under the Act for the transaction by up to a further 30 days, as is not uncommon. Verenex continues to expect that approval under the Act will be received for the plan of arrangement. While the timeline for a decision is not known, Verenex expects to receive a decision sooner than the extended deadline.
As disclosed on December 11, 2009, the proposed transaction received overwhelming support from securityholders, as well as court approval.
The final amount of the working capital component of the cash purchase consideration per Verenex share is expected to be determined immediately prior to closing.
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