Aastra Technologies Ltd. (TSX: AAH) said its shareholders have approved an arrangement in which Mitel Networks Corp. (TSX: MNW) (NASDAQ: MITL) will acquire all of the issued and outstanding shares of Aastra.
At the special meeting of shareholders, 9,933,355 common shares of Aastra were represented in person or by proxy (representing approximately 84% of the outstanding common shares of Aastra) and greater than 99% of the votes cast were in favour of approving the Arrangement Resolution.
Under the arrangement, shareholders of Aastra will receive, for each share of Aastra that they hold: (i) US USD6.52 in cash; and, (ii) 3.6 common shares in the capital of Mitel.
Aastra´s application to the Ontario Superior Court of Justice to obtain the final court order approving the Arrangement is scheduled for January 13, 2014. Assuming court approval is obtained and that all other conditions specified in the Arrangement Agreement dated November 10, 2013 are satisfied or waived, the Arrangement is expected to become effective in the first quarter of 2014.
Aastra Technologies is a global company at the forefront of the enterprise communication market. Headquartered in Concord, Ontario, Canada, Aastra develops and delivers innovative and integrated solutions that address the communication needs of businesses small and large around the world. For additional information on Aastra visit www.aastra.com.