TORONTO – SiriusXM Canada shareholders have voted in favour of a plan to recapitalize the company by way of a go-private transaction.
The deal, first announced in May, was approved Tuesday by 89.14% of the 121,792,144 votes cast by company voting shareholders, and 65.91% of the 38,781,229 votes cast by disinterested company voting shareholders, present in person or represented by proxy at the special meeting held in Toronto.
"The strong voting support in favour of the transaction clearly demonstrates that our shareholders recognize that it is an opportunity for them to best maximize the value of their current investment, be it by taking advantage of the premium cash offer, remaining invested in the North American market opportunity, or a combination of both," said SiriusXM Canada president and CEO Mark Redmond, in a statement. “With these shareholder approvals in place, we will continue to work to secure the necessary regulatory approvals to close the transaction in a timely manner."
The transaction is subject to the approval and issuance of a final order by the Ontario Superior Court of Justice, CRTC approval, and the satisfaction or waiver of other customary closing conditions. It is expected to close before the end of this year.
Upon completion of the recapitalization, SiriusXM Canada has said that it will maintain its Canadian headquarters in Toronto, preserve the SiriusXM Canada brand, continue to support development of Canadian content, and ensure a strong Canadian led governance structure.
