Shareholder Group to Appeal Court Approval of Magna Share Plan

Magna International Inc. has announced that certain dissident minority shareholders who contested court approval of Magna’s plan of arrangement, have confirmed to Magna that they will appeal the decision of the Ontario Superior Court to approve the plan.
Magna says that it will seek to have the appeal heard on an expedited basis.
CPP Investment Board and Ontario Teachers’ Pension Plan are among the Magna International Inc. minority shareholders appealing the Ontario court decision that upheld the auto-part maker’s controversial plan to collapse its dual-class share structure.
As disclosed in Magna’s Management Information Circular/Proxy Statement dated May 31, 2010, Magna and a subsidiary of the Stronach Trust each have the right to terminate the Transaction Agreement if, among other things, all required approvals are not obtained by August 31, 2010. 

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