WestJet Airlines Ltd. has announced that at a special meeting held today its shareholders and optionholders overwhelmingly voted to approve its previously announced proposed transaction with Onex Corporation ("Onex") (TSX: Onex). Of the votes cast at the Meeting, more than 92.5 per cent of shareholders and optionholders who voted were in favour of the proposed transaction.
Ed Sims, WestJet's President and Chief Executive Officer, said, "We are very pleased to obtain overwhelming support from our securityholders at today's special meeting. Receiving this support is an important step on our path to closing the transaction, and we continue to engage with the necessary authorities on the remaining approvals."
WestJet and Onex entered into a definitive agreement on May 12, 2019 for the proposed acquisition of WestJet by Onex under a plan of arrangement, pursuant to which each outstanding share of WestJet will be exchanged for $31.00 in cash subject to the terms and conditions of the Arrangement Agreement following which WestJet will operate as a privately-held company.
The total number of shares represented by shareholders present in person and by proxy at the Meeting was 69.2 million, representing approximately 60 per cent of WestJet's issued and outstanding Common Voting Shares and Variable Voting Shares. The total number of stock options represented by optionholders present in person and by proxy at the Meeting was 3.3 million, representing approximately 54 per cent of WestJet's issued and outstanding stock options.
Detailed voting results for the meeting are available under WestJet's profile on SEDAR at sedar.com.
The Arrangement is still subject to other conditions to closing, including remaining regulatory approvals, and final approval of the Arrangement by the Court of Queen's Bench of Alberta.
Further information regarding the Arrangement is provided in WestJet's management information circular dated June 19, 2019 in respect of the Meeting. Assuming the timely receipt of the remaining regulatory approvals and Court approval, the transaction is expected to close in the latter part of 2019.
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