Shareholders in Husky Injection Molding Systems have approved a plan of arrangement whereby Onex Corp. and certain of its affiliates will acquire all of Husky’s issued and outstanding common shares of stock. The arrangement was approved by approximately 99.9% of the votes cast by shareholders present in person or represented by proxy at Husky’s annual and special meeting.
Under the terms of the arrangement, Onex will pay C$8.235 (about €5.54) for each common share held by shareholders other than Robert and Elizabeth Schad and C$8.10 (about €5.45) for each common share held by the Schads, who are controlling shareholders.
The arrangement is subject to final approval of the Ontario (Canada) Superior Court of Justice, which approval was expected to be sought on December 10, 2007, in Toronto. Provided that final approval of the court is obtained, and that all other conditions for completion of the arrangement are satisfied or waived, the transaction is expected to close on December 13.
Husky is a leading global supplier of injection moulding equipment and services to the plastics-processing industry. The company operates more than 40 service and sales offices supporting customers in over 100 countries. Its primary manufacturing facilities are situated in Canada, the United States, Luxembourg, and China.