West 49, Inc., a Canada-based manufacturer of action apparel, said the Ontario Superior Court of Justice has issued the final order approving its proposed sale to Billabong International, Ltd.
Security holders of West 49 had already approved the action with 99.9% of the votes cast in favor of the $93 million buyout.. Shareholders will reportedly received 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 early September.
