Auto Service World
News   August 17, 2010   by Auto Service World

Magna Plan to Eliminate Dual Class Share Structure Approved by Court

Magna International Inc. has announced that the Ontario Superior Court has approved the previously announced plan of arrangement to eliminate Magna’s dual class share structure.
The decision of the Ontario Superior Court followed a hearing held on August 12 and 13, 2010. The Superior Court found that the arrangement is fair and reasonable.
“Today’s decision by the Superior Court affirms our position that the claims of the dissident minority shareholders are without merit,” said Vincent J. Galifi, executive vice president and chief financial officer of Magna. “We believe that our shareholders, who by a large majority voted to support the proposed transaction, will be very pleased that the court respected and upheld their vote.”
It is unknown whether certain shareholders of Magna intend to appeal the decision. Ordinarily, an appeal must be filed with the Ontario Superior Court within 30 days of the court decision.

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