QUEBEC CITY – EXFO Inc., announced today a “significant majority” of its shareholders voted in favour of company founder and controlling shareholder Germain Lamonde taking the company private.
EXFO, a telecom testing and monitoring solution provider, held a special meeting of its shareholders today where they accepted Lamonde’s offer of US$6.25 per subordinate voting share in cash.
As per the arrangement, a company controlled by Lamonde “will acquire all the issued and outstanding voting shares of EXFO, other than the subordinating voting shares held by Germain Lamonde, G. Lamonde Investissements Inc., 9356-8988 Québec Inc., and Philippe Morin,” according to a press release.
Nearly 98% of votes allowed to be cast at the meeting were represented. Lamonde’s offer “was approved by 99.65% of the votes cast by shareholders, voting together as a single class, as well as 90.95% of the votes cast by the holders of subordinate voting shares, excluding the votes attached to the Excluded Shares, whose votes are required to be excluded in determining minority approval,” the press release reads.
Earlier this week, Lamonde increased his offer from US$6 per share to US$6.25. Competitor Viavi Solutions previously offered shareholders US$8 per share.
“I would like to thank EXFO shareholders for their continued support over the years and in relation to the proposed transaction” said Lamonde, in the press release.
The transaction is subject to closing conditions.
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