Magna International Inc. has announced that its shareholders have approved the previously announced proposal to eliminate Magna’s dual class share structure.
The Plan of Arrangement was approved by 75.28% of the 89,847,120 votes cast by the disinterested “minority” holders of Magna’s Class A Subordinate Voting Shares, voting separately as a class.
Implementation of the proposed Arrangement remains subject to approval by the Ontario Superior Court at a fairness hearing which has been scheduled to be held on August 12 and 13, 2010. Certain shareholders have filed notices of appearance and Magna understands that those shareholders intend to present evidence and make arguments against the proposed transaction at the fairness hearing.
The proposed Arrangement remains subject to the risk factors set forth in Magna’s Management Information Circular/Proxy Statement dated May 31, 2010, as amended and supplemented by the Supplement dated July 8, 2010.
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