Indigo Books & Music’s shareholders voted by a large majority in favor of the retailer being taken private by Trilogy Investments.
The company was first approached in early February to be bought out at a price of 2.25 Canadian dollars ($1.65) a share, an offer that was increased a month later to C$2.50 a share. At the time, the increased price represented a premium of about 70% over its unaffected closing price on Feb. 1.
On Monday, Indigo said the arrangement received about 95% of the votes cast by company shareholders, and about 82% of the votes cast by minority shareholders.
The deal requires a final order from the Ontario Superior Court of Justice and is expected to come into effect on or about May 31, the company said. Indigo expects to delist from the Toronto Stock Exchange when the transaction is completed.