Advisors Recommend WS Shareholders Vote In Favour Of Onex Deal
Bruce Parkinson, Open Jaw
WestJet has announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co. have both recommended shareholders vote in favour of the proposed acquisition of WestJet by Onex Corporation at the upcoming special meeting of shareholders and option-holders.
The meeting is set for 23JUL at the WestJet Campus.
At the meeting, stock and option holders will be asked to vote on a special resolution approving an arrangement that will see Onex acquire all of the issued and outstanding shares of WestJet at a price of $31.00 per share in cash.
ISS and Glass Lewis are two independent, third-party, proxy advisory firms which, among other services, provide proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.
In reaching its conclusion, ISS noted: "The rationale behind the proposed transaction appears reasonable as current shareholders will get to exit their investment at a significant premium and at multi-year highs for WestJet's share price. The cash consideration provides certainty of value, and it appears unlikely that a better offer will be made for the company."
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years, Bruce uses the pre-dawn hours to prepare a daily news and information package to keep industry members up to date.