Husky shareholders approve acquisition by Onex

Shareholders of Bolton, Ont.-based Husky Injection Molding Systems Ltd. have voted overwhelmingly to approve an offer to acquire the company made by Toronto equity firm Onex Corporation.

According to Husky, approximately 99.9 per cent of the shareholders voted in a special meeting to approve the offer to acquire all of Husky’s issued and outstanding common shares.

Under the terms of the acquisition arrangement, Onex will pay $8.235 for each common share held by shareholders, other than Husky founder Robert Schad and his spouse Elizabeth Schad, and $8.10 for each common share held by the couple.

The acquisition arrangement is subject to final approval of the Ontario Superior Court of Justice, which is expected to be sought on December 10, 2007, in Toronto.

Minority shareholder Robert Beauregard of Natcan Investment Management Inc. initially resisted the takeover. Beauregard, who held a five per cent stake in Husky, argued that he would prefer for the company to remain public so that shareholders can profit from the company’s restructuring efforts.

He had also called for a $10 per share offer from the private equity firm.

However, he told Reuters earlier this week he would tender his shares at today’s meeting and vote.