Spectra Premium Industries Inc., Boucherville, Que., has announced that moves to take the company private have been approved by shareholders.
Spectra Premium intends to merge with a new corporation, 6551399 Canada Inc. (“Newco”). Newco’s shareholders are Jacques Mombleau, Denis Poirier and Kerry Best, members of senior management of Spectra Premium (collectively, the “Senior Management”) and Fonds de solidarite des travailleurs du Quebec (F.T.Q.), Desjardins Capital regional et cooperatif and Groupe Camada Inc., a company controlled by Placide Poulin, a director of Spectra Premium.
In accordance with the merger, the shareholders of Spectra Premium will receive, upon conclusion of the transaction $2.85 in cash per subordinate voting share and per multiple voting share of Spectra Premium they hold.
The special resolution confirming the merger has been adopted by 97.69% of the votes cast at the extraordinary meeting of shareholders of Spectra Premium held this week and by 97.43% of the votes cast by shareholders other than the parties related to Spectra Premium and Newco. The approval of the shareholders of Spectra Premium constitutes one of the conditions to be fulfilled in order to conclude the merger.
The closing of the merger, which is subject to certain other conditions including namely obtaining the financing, should be carried out in the next few days.