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Spuds21on Nov 15, 2017 6:00pm
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Polaris Securityholders Overwhelmingly Approve Plan
Polaris Securityholders Overwhelmingly Approve Plan
VANCOUVER, Nov. 15, 2017 /CNW/ - Polaris Materials Corporation (TSX:PLS) (the "Company" or "Polaris") is pleased to announce the outcome of the shareholder and securityholder vote at the special meeting of Polaris shareholders ("Shareholders"), optionholders and deferred unit holders (together with the Shareholders, "Securityholders") which was held earlier today (the "Meeting"). At the Meeting, Polaris Securityholders voted overwhelmingly in favour of the proposed plan of arrangement (the "Arrangement") pursuant to which U.S. Concrete, via a wholly owned subsidiary, will acquire all of the issued and outstanding common shares of Polaris (the "Polaris Shares") for cash consideration of C$3.40 per share. Shareholders holding approximately 99.8% of the Polaris Shares, including after excluding certain Polaris Shares as required by Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, and Securityholders holding approximately 99.8% of the common shares and other securities, collectively, represented at the Meeting voted in favour of the special resolution approving the Arrangement. Details of the voting results will be filed under Polaris' profile on SEDAR and may be accessed at www.sedar.com. Completion of the Arrangement remains subject to various customary conditions, including the approval of the Supreme Court of British Columbia. Assuming the satisfaction or waiver of these closing conditions, the Arrangement is expected to close on or about November 17, 2017. Further information about the Arrangement is set out in Polaris' management information circular dated October 10, 2017 which is available on the Company's website at www.polarismaterials.com and has been filed under Polaris' profile on SEDAR at www.sedar.com.