TORONTO, June 10, 2013 /CNW/ - Softchoice Corporation (TSX: SO), a leading North American provider of IT Solutions and Services, announced today that at its special meeting of shareholders held earlier today (the " Meeting"), Softchoice shareholders approved the special resolution (the " Arrangement Resolution") authorizing the plan of arrangement (the " Arrangement") with Goliath Acquisition Inc. (the " Purchaser"). Pursuant to the terms of the Arrangement, the Purchaser will acquire the outstanding common shares of Softchoice for $20 cash per common share (other than the common shares held by certain senior officers of Softchoice). The Special Resolution was approved by 78.07% of the shares voted in person or represented by proxy at the Meeting.
The application to the Ontario Superior Court of Justice to obtain the final order approving the Arrangement is scheduled for June 11, 2013. If court approval is obtained and the other conditions to the completion of the Arrangement are satisfied or waived, Softchoice expects that the Arrangement will be completed on or about June 18, 2013.
Beneficial shareholders are not required to take any action in respect of the completion of the Arrangement. The cash to be paid to beneficial shareholders following completion of the Arrangement is expected to be credited to the beneficial shareholder's broker, trustee, financial institution, dealer, bank, trust company, custodian, nominee or other intermediary account through the procedures in place for such purposes between CDS and such intermediaries. Beneficial shareholders should contact their intermediary if they have any questions regarding this process.
In order for a registered shareholder to receive the cash consideration for the common shares following completion of the Arrangement, he, she or it must complete, sign, date and return the letter of transmittal, in accordance with the instructions set out therein that was mailed to all registered shareholders in connection with the Meeting. The letter of transmittal is available on SEDAR at www.sedar.com.Softchoice does not anticipate any changes to its business practices, processes or personnel - either during or subsequent to the completion of the regulatory approval process. Clients, partners and suppliers can expect to conduct 'business as usual' and to work with the same Softchoice representatives as usual.