VANCOUVER -- Pacific Insight Electronics today obtained government approval for its shareholder meeting to approve its proposed acquisition by Methode Electronics.
The Supreme Court of British Columbia approved a Sept. 26 meeting in Vancouver for the vote.
The record date to determine those shareholders entitled to attend and vote at the meeting is Aug. 24 and the materials for the meeting, including Pacific Insight's management information circular and the form of proxies, voting instruction forms and letters of transmittal to be completed by shareholders, will be mailed to shareholders and made available on sedar.com on Aug. 28.
Pacific Insight's board of directors have unanimously recommended that shareholders vote "For" the approval of the transaction with Methode Electronics.
If the transaction is approved, shareholders will receive $18.50 cash for each of their shares, which represents a premium of 76% based on the closing price of the shares on the Toronto Stock Exchange on Jul. 31, and a 79% premium based on the 20‐day TSX volume weighted average price of the shares on the TSX ending on Jul. 31, the day prior to the announcement of the transaction. If approved at the meeting, the transaction is expected to close on or about Oct. 3.