TORONTO – Shareholders of Leitch Technology approved the acquisition of the company by Harris Corporation for about $590 million at the special meeting of shareholders held this morning.
Over 77% of the votes cast by Leitch shareholders were in favour of the arrangement transaction involving Leitch and Harris. Under the terms of the arrangement, Leitch shareholders will receive $14 in cash for each common share of Leitch.
The deal is expected to be completed following the receipt of a final order of the Ontario Superior Court of Justice. The company will seek final court approval on the arrangement on Tuesday, October 25, 2005.
Canadian manufacturer Leitch Technology provides high-performance, multi-format solutions for professional digital video. Through its two business segments – digital media and infrastructure – Leitch offers standard-definition/high-definition (SD/HD) products and systems that enable media companies to streamline workflow from production through transmission.
Harris is also a digital broadcast equipment manufacturer and also deals in RF, wireless and government communications.
