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Datawest Shareholders Approve Sale to Open Solutions

Thursday 21 October 2004 16:18 CET | News

Datawest Solutions at its Extraordinary General Meeting of Shareholders held today, shareholders approved the plan of arrangement whereby a subsidiary of Open Solutions will acquire all of the shares of the Datawest.

The special resolution approving the plan of arrangement was passed by 99.73% of the votes cast by the Datawest’s common shareholders and by 100% of the votes cast by the holders of the Datawest’s preferred shares. Under the terms of the arrangement, Open Solutions will pay cash consideration of CDN $1.23 per common share for 29,824,126 common shares and CDN $2.60 per preferred share for 5,000,000 preferred shares. The purchase price per common share is subject to downward adjustment based on the percentage difference that the five day average currency exchange rate immediately prior to closing falls below 1.30 Canadian dollars to 1.00 US dollar. Subject to satisfying final closing conditions, completion of the transaction is scheduled for October 28, 2004.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce