CALGARY – Independent proxy advisory firms Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis) are recommending that shareholders of Axia NetMedia vote for the going private transaction.
Axia NetMedia said last month that it had entered into an arrangement agreement under which Switzerland-based Partners Group, on behalf of its clients, has agreed to indirectly acquire all of the outstanding common shares of Axia for a cash payment of $4.25 per share, representing total equity value, on a fully diluted basis, of approximately $272 million.
The board of directors of Axia, (with an interested director abstaining), unanimously approved the arrangement agreement, determined that the arrangement is in the best interests of Axia, and recommends that shareholders vote in favour of the deal. A special meeting of shareholders is scheduled for May 6, 2016.
Following the closing of the transaction, Axia will continue to be run by its current management team led by chairman and CEO Art Price. Partners Group said that it will work with the management teams of Axia and its French company Covage to carry out an ambitious growth plan for each company.
Based in Calgary, Axia owns, operates and sells services over fibre optic communications infrastructure.
