WestJet Airlines shareholders and option-holders have voted overwhelmingly to approve its proposed transaction with Onex Corporation.
Of the votes cast at a special meeting held yesterday, more than 92.5% of shareholders and option-holders who voted said yes to the deal.
WestJet and Onex entered into a definitive agreement on 12MAY, 2019 for the proposed acquisition of WestJet by Onex for $31.00 in cash per outstanding WS share, following which WestJet will operate as a privately-held company.
"We are very pleased to obtain overwhelming support from our security-holders at today's special meeting,” said Ed Sims, WestJet's President and Chief Executive Officer.
“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."
The total number of shares represented by shareholders present in person and by proxy at the Meeting was 69.2 million, representing approximately 60% of WestJet's issued and outstanding Common Voting Shares and Variable Voting Shares.
The total number of stock options represented by option-holders present in person and by proxy at the Meeting was 3.3 million, representing approximately 54% of WestJet's issued and outstanding stock.
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.