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Onex's WestJet acquisition overwhelmingly approved by shareholders

  • Air
  •   07-24-2019  11:19 am

Onex's WestJet acquisition overwhelmingly approved by shareholders

WestJet met with its shareholders and optionholders yesterday (July 23), during which both parties overwhelmingly voted to approve its previously announced proposed transaction with Onex Corporation.

READ MORE: WestJet confirms Onex receives approval on proposed acquisition

Of the votes cast at the Meeting, more than 92.5 per cent of shareholders and optionholders who voted were in favour of the proposed transaction.

WestJet and Onex entered into a definitive agreement on May 12, 2019, for the proposed acquisition of WestJet by Onex under a plan of arrangement, pursuant to which each outstanding share of WestJet will be exchanged for $31.00 in cash subject to the terms and conditions of the Arrangement Agreement, following which WestJet will operate as a privately-held company.

Ed Sims, WestJet's president and CEO, said, "We are very pleased to obtain overwhelming support from our securityholders at today's (July 23) special meeting. Receiving this support is an important step on our path to closing the transaction, and we continue to engage with the necessary authorities on the remaining approvals."

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