RONA Inc. has announced (although not yet on its website):
that the holders (collectively, the “Preferred Shareholders”) of record of its Cumulative 5-Year Rate Reset Series 6 Class A Preferred Shares and Cumulative Floating Rate Series 7 Class A Preferred Shares (collectively, the “Preferred Shares”) have approved the statutory plan of arrangement for the acquisition of the Preferred Shares by Gestion Lowe’s Canada, Inc., a wholly-owned subsidiary of Lowe’s Companies, Inc., for C$24 per Preferred Share, in cash, at the special meeting held today pursuant to the arrangement agreement dated Oct. 6, 2016 (the “Arrangement”).
The Arrangement was approved by 95.19% of the votes cast by the Preferred Shareholders present in person or represented by proxy at the special meeting.
The completion of the Arrangement remains subject to the granting of the final order by the Québec Superior Court and the satisfaction or waiver of the other customary closing conditions. If court approval is obtained and the other conditions to the completion of the Arrangement are satisfied or waived, RONA expects that the Arrangement will be completed on or about Nov. 18, 2016.
RON.PR.A and RON.PR.B have provided great entertainment this year and were last mentioned on PrefBlog when the Plan of Arrangement was proposed in early October.
[…] remains to be seen whether preferred shareholders are able to replicate their success realized in the negotiations regarding the Rona preferred shares in which Fidelity Investments Canada ULC was able to squeeze Lowes for a significant […]