Park Lawn Corp. announced in a July 29 news release that its shareholders have approved the proposed plan of arrangement involving Viridian Acquisition Inc., a wholly-owned subsidiary of Viridian Holdings LP, a limited partnership collectively owned by Homesteaders Life Company and certain funds, the general partner of which is Birch Hill Equity Partners Management Inc., at a special meeting of shareholders.
Pursuant to the arrangement, the purchaser will acquire all of the issued and outstanding common shares of Park Lawn for a price of $26.50 per Share.
The special resolution approving the arrangement was approved at the meeting by 99.75% of the votes cast by shareholders present or represented by proxy at the meeting. To be effective, the arrangement resolution required the affirmative vote of at least two-thirds of the votes cast by shareholders present or represented by proxy at the meeting. Accordingly, all shareholder approvals required to proceed with the arrangement have been obtained.
The arrangement is expected to become effective on or about Aug. 9, 2024, subject to, among other things, Park Lawn obtaining a final order from the Ontario Superior Court of Justice approving the arrangement and the satisfaction or waiver of certain other customary closing conditions. The final order hearing is scheduled to take place Aug. 6, 2024.
It is expected that, within two to three business days following the completion of the arrangement, the shares and senior unsecured debentures of Park Lawn will be delisted from the Toronto Stock Exchange. Additional details can be found in the management information circular of Park Lawn dated June 27, 2024, a copy of which is available on SEDAR+ (www.sedarplus.ca) under Park Lawn’s issuer profile.
Follow FuneralVision.com on LinkedIn.
Follow FuneralVision.com on X.
Follow FuneralVision.com on Facebook.
