Western Star Trucks Holdings Ltd. (“Western Star”)has held its Special Meeting of Western Star’s shareholders in Vancouver. At the meeting, Western Star’s shareholders approved the plan of arrangement under which Freightliner LLC will acquire all of Western Star’s issued and outstanding common shares and preferred shares.
An affirmative vote was cast by 99.99% of the votes cast by holders of common shares, including holders of options to acquire common shares (an affirmative vote of at least 75% was required). An affirmative vote was cast by 99.96% of the votes cast by eligible holders of common shares, including options. An affirmative vote of at least a simple majority was required. The sole preferred shareholder voted as a separate class in favour of the arrangement.
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The Company has now received all requisite regulatory and shareholder’s approvals. Accordingly, completion of the proposed transaction remains subject solely to receipt of approval of the Supreme Court of British Columbia. It is expected that the transaction will close on September 26, 2000.
Western Star manufactures heavy duty trucks for world markets through its Western Star Trucks subsidiary in Kelowna, British Columbia and North Charleston, South Carolina and supplies transit buses for the North American market through its Orion subsidiary in Mississauga, Ontario and Oriskany, New York. The shares of Western Star trade on the Toronto and American stock exchanges.
