West 49 Inc. announced that following a hearing held on Thursday, the Ontario Superior Court of Justice issued the final order approving its proposed sale to Billabong International Ltd.
As announced earlier this week, at a special meeting held on Aug. 24, 2010, security holders approved the transaction, with 99.9% of the votes cast in favor. Shareholders will receive CDN$1.30 in cash per share held (and holders of the company's preferred shares will also receive accrued and unpaid dividends on their preferred shares), less any amounts withheld from non-resident security holders on account of taxes, as applicable.
Subject to the satisfaction or waiver of the remaining customary closing conditions, the company expects to complete the transaction in late August or early September.
