CML HealthCare Inc. Announces Shareholder Approval of Plan of Arrangement With LifeLabs Ontario Inc.
CML HealthCare Inc.
TSX :
CLC
September 03, 2013 17:30 ET
MISSISSAUGA, ONTARIO--(Marketwired - Sept. 3, 2013) - CML HealthCare Inc. (the "Company" or "CML") (TSX:CLC) announced that, at a special meeting of shareholders held today in Toronto, Ontario, its shareholders have approved the Plan of Arrangement (the "Arrangement"), which provides for LifeLabs Ontario Inc. ("LifeLabs") to acquire all issued and outstanding common shares of CML in exchange for $10.75 per common share in cash.
The Arrangement was approved by approximately 99.8% of the votes cast by CML common shareholders at the special meeting.
The closing of the Arrangement remains subject to the granting of the final order by the Ontario Superior Court of Justice approving the Arrangement, and the satisfaction or waiver of other customary closing conditions.
The Arrangement is anticipated to become effective on October 1, 2013. Upon completion of the Arrangement, shareholders will be entitled to receive $10.75 per common share in cash, as described in the Management Information Circular for the special meeting. The CML common shares will be delisted from the Toronto Stock Exchange within a few business days following closing.