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Indigo Books & Music shareholders approve acquisition by Trilogy

Posted on by darion

Indigo operates retail stores in all Canadian provinces. Source: Indigo via Shutterstock.com.

Shareholders of Canadian retail chain Indigo Books & Music have voted for the company to be acquired by Trilogy Investments LP (TILP).

At the extraordinary meeting, the transaction was supported by 95.09% of the company’s shareholders and 82.49% of minority shareholders.

The approval follows the announcement that Indigo will go private after formalizing an agreement with TILP and Trilogy Retail Holding Inc in April 2024.

TILP has proposed to acquire all outstanding shares of Indigo common stock not already owned by Trilogy and its affiliates for a price of C$2.50 ($1.85) per share in cash.

Trilogy and its affiliates already own 60.6% of Indigo’s issued and outstanding common stock.

Indigo CEO Heather Reisman said: “We are pleased with the outcome of today’s vote and look forward to continuing to work on Indigo’s transformation strategy.

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“We remain deeply committed to our customers and all stakeholders, working together to inspire reading and enrich the lives of book lovers across the country.”

The final ruling of the Ontario Superior Court of Justice on the transaction is expected to be issued on May 30, 2024.

The takeover takes place provided that other customary conditions are met or waived.

The agreement will enter into force on or around May 31, 2024.

Following the acquisition, Indigo’s common shares will be delisted from the Toronto Stock Exchange.

Trilogy also plans to eliminate Indigo’s public reporting requirements by filing a motion to terminate the company’s status as a reporting issuer under Canadian securities laws.

Indigo is a book and lifestyle retailer with a presence in all ten provinces and one Canadian territory.

The company also has retail operations in the U.S., with a store in Short Hills, New Jersey.