Shareholders of WestJet Airlines on Tuesday voted in favor of its deal to be acquired by billionaire Gerry Schwartz’s private equity firm Onex Corp for C$3.5 billion.
More than 92.5% of the votes cast at the special meeting were in favor of the proposed deal, the company said in a statement.
The C$31 per share deal, announced in May, received a green light from Canada’s transport minister last month.
WestJet has reported a decline in net profit for each of the last three years, hurt by rising fuel costs, pressure on ticket prices and other problems.
On May 13, 2019, WestJet announced that it had accepted an offer from Onex Corporation to purchase the company, a $5-billion deal that would require shareholder approval (in July) and regulatory approval. The offer was for $31 a share, substantially higher than the closing price of approximately $18 at the close of trading on the previous business day.
From 2 different sources
https://www.reuters.com/article/business/westjet-shareholders-approve-private-equity-buyout-idUSKCN1UI2UA/
https://en.wikipedia.org/wiki/WestJet
Seems they were losing money and the offer was too good to pass up.
Thank you for the work!
You’re welcome. :)