Avigilon Approves Acquisition by Motorola Solutions
OREANDA-NEWS. March 23, 2018. Avigilon Corporation (“Avigilon”) (TSX: AVO), provider of trusted security solutions, is pleased to announce the voting results for its special meeting of shareholders held on March 22, 2018 in Vancouver, British Columbia (the “Special Meeting”).
The sole matter considered at the Special Meeting was the special resolution approving the statutory plan of arrangement (the “Arrangement”) whereby Motorola Solutions, Inc. (“Motorola”) will acquire all of the issued and outstanding Avigilon common shares for cash consideration of CDN $27.00 per share through Motorola Solutions Canada Holdings Inc., a wholly-owned subsidiary of Motorola, as originally disclosed on February 1, 2018.
The Arrangement resolution was approved as follows:
- 98.24% of the total votes cast by shareholders at the Special Meeting voted FOR the Arrangement resolution; and
- 97.90% of the total votes cast by shareholders at the Special Meeting, excluding the votes cast by such Avigilon shareholders that were required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction, voted FOR the Arrangement resolution.
Closing of the Arrangement remains subject to court approval as well as other customary closing conditions; assuming the timely completion of these conditions, Avigilon expects the Arrangement to close by the end of March, 2018.
Avigilon Corporation provides trusted security solutions to the global market. Avigilon designs, develops, and manufactures video analytics, network video management software and hardware, surveillance cameras, and access control solutions. To learn more about Avigilon, visit avigilon.com.Forward-Looking Statements
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements normally contain words like ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’ and similar expressions, and within this news release include, without limitation, statements (express or implied) respecting the closing of the Arrangement and expected actions to follow therefrom.
Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that Avigilon’s management currently believes are relevant, reasonable, and appropriate in the circumstances, including, without limitation, assumptions that: the Arrangement will complete under the terms, structure, and timeline currently contemplated; the requisite court approval in connection with the Arrangement will be obtained in a timely manner and on satisfactory terms; the parties will be able to satisfy the other conditions to the closing of the Arrangement and on the timeline currently contemplated; Motorola will have sufficient capital resources to complete the Arrangement; Motorola’s vision and strategy will remain aligned with those of Avigilon; no significant events will occur outside of Avigilon’s normal course of business; and the continuation of the business and operations of Avigilon, and the integration thereof with Motorola, following completion of the Arrangement will occur as currently contemplated.