PrefBlog

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.

This entry was posted on Thursday, November 17th, 2016 at 1:46 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.