[Via Satellite 01-22-2016] Com Dev International received shareholder approval yesterday at a special shareholder meeting for its plan of arrangement with Honeywell Limited/Honeywell Limitée and Honeywell International, which the company entered into on Nov. 5, 2015.
At the Com Dev shareholder special meeting, 99.3 percent of the votes were in favor of the arrangement, and total voter turnout represented 74.4 percent of the company’s issued and outstanding shares.
Under the terms of the arrangement, each Com Dev shareholder will receive an initial cash payment of $5.125 per common share, and 0.1977 of an exactEarth share, subject to adjustment. Each shareholder will be eligible to receive a second payment of up to $0.125 per common share.
Com Dev is seeking a final order from the Ontario Superior Court of Justice to approve the arrangement at a hearing scheduled for Jan. 25. Subject to the receipt of the final order and the satisfaction of other customary closing conditions, Com Dev anticipates that the arrangement will become effective by early February.
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