Pacific Insight Receives Securityholder Approval of Acquisition by Methode Electronics (MEI)
Pacific Insight Electronics Corp. is pleased to announce that the previously announced plan of arrangement with Methode Electronics, Inc (NYSE: MEI) has been approved by its securityholders today.
Under the Arrangement, Methode will, subject to the provisions of the arrangement agreement dated August 1, 2017 between Pacific Insight, Methode and Methode Electronics British Columbia Corporation ("Methode Subco"), indirectly acquire, through Methode Subco, all of the outstanding common shares of Pacific Insight (the "Pacific Insight Shares") at a price of CAD$18.50 per Pacific Insight Share.
The Arrangement was approved by shareholders, optionholders and warrantholders of Pacific Insight (together, the "Pacific Insight Securityholders") at a special meeting (the "Meeting") of the Pacific Insight Securityholders held today. At the Meeting, a special resolution approving the Arrangement was approved by: 97.33% of the votes cast by Pacific Insight shareholders; and 97.68% of the votes cast by Pacific Insight Securityholders, voting as a single class. In addition, the Company received minority approval of the Arrangement in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The Arrangement is subject to final approval of the Supreme Court of British Columbia (the "Court"). The Court hearing for the final order to approve the Arrangement is scheduled to take place on September 27, 2017, and subject to satisfaction or waiver of other customary closing conditions, completion of the Arrangement is expected to occur on October 3, 2017.
Additional information regarding the terms of the Arrangement is set out in the Company's management information circular dated August 28, 2017, which is available on Pacific Insight's profile at www.sedar.com.