Héroux-Devtek Inc. an international manufacturer of aerospace products and the world’s third-largest landing gear manufacturer, announced that its shareholders have approved the previously announced plan of arrangement under the provisions of the Business Corporations Act (Québec) involving Héroux-Devtek and an affiliate of Platinum Equity Advisors, LLC.
At the special meeting of shareholders of Héroux-Devtek held earlier today, the arrangement resolution was approved by 99.25 percent of the votes cast by the holders of shares present in person or virtually or represented by proxy at the meeting, and by 99.15 percent of the votes cast by the holders of shares present in person or virtually or represented by proxy at the meeting, excluding the votes cast by the shareholders required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Héroux-Devtek also announces that the waiting period has expired under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, satisfying the related closing condition set forth in the arrangement agreement.
The proposed arrangement remains subject to certain customary closing conditions, including the issuance of a final order by the Superior Court of Québec following the hearing expected to take place on Sept. 16, 2024, and the receipt of applicable regulatory approvals in the United Kingdom and Spain.
If the necessary approvals are obtained and the other conditions to closing are satisfied or waived, it is anticipated that the arrangement will be completed by the parties before the end of the Corporation’s current fiscal year ending March 31, 2025.
This press release was prepared and distributed by Héroux-Devtek Inc.
