West 49 shareholders voted almost unanimously in favor of Billabong's $99-million takeover bid for the Canadian clothing retailer. West 49 said 99.9% of its shareholders were in favor of the sale to Australia's Billabong International.

The Canadian retailer operates 138 stores in nine provinces under various banners, largely under the West 49 name. West 49 also operates five licensed stores under the Billabong name, while many of its other locations sold branded products. Other banners include Off The
Wall, Amnesia/Arsenic and D-Tox.

The completion of the transaction will result in holders of common shares and preferred shares receiving 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.

The transaction is subject to final Court approval, which is expected to be sought this Thursday, August 26, 2010, and other customary closing conditions. The transaction is currently expected to close in late August or early September 2010.

The path was cleared for the vote after potential rival bidder, Zumiez backed off after it wasn't able to agree with West 49 on a due diligence process. West 49 was wary of providing Zumiez with an inside look at the firm's business information, especially when Zumiez just announced plans to open its first Canadian store.

Billabong now operates more than 300 stores across North America, South America, Europe, Asia and Australia. The West 49 transaction will add 138 mall-based stores and boost the Australian company's bottom line in 2011.

The Australian company said in its original announcement that it plans to keep key West 49 management, including West 49 president and CEO Sam Baio, who will continue to lead the business.