SMART Technologies (SMT) Sees Extension of Closing Date on Foxconn Arrangement
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SMART Technologies Inc. (Nasdaq: SMT) provides the following update on its previously announced arrangement involving Foxconn Technology Group ("Foxconn") and the shareholders of the Company pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").
All conditions to closing of the Arrangement pursuant to the arrangement agreement dated as of May 26, 2016 between SMART and Foxconn (the "Arrangement Agreement") capable of being satisfied prior to closing have been satisfied. The parties are in the process of negotiating a short extension to the closing date contemplated under the Arrangement Agreement to facilitate funding of the cash consideration payable by Foxconn under the Arrangement. SMART anticipates closing of the Arrangement will occur by no later than September 14, 2016.
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