EXFO shareholders approve going private transaction

Two days ago I wrote about the EXFO (NASDAQ:EXFO) going private transaction that had as biggest risk the potential that minority shareholders could block the transaction. I thought that it was more or less a done deal after the chairman bumped the price by a token amount, and got support from ISS and some of the biggest minority shareholders. Nevertheless, I would have expected a decent amount of grumpy shareholders to vote against the deal. But apparently even I was too pessimistic about that. In the end just 66.8% of the outstanding subordinate shares voted at the meeting, and the deal was overwhelmingly approved with 91% of the votes cast in favor. I would never call investing easy, but sometimes it can certainly look like that!

Disclosure

Author is long EXFO

4 thoughts on “EXFO shareholders approve going private transaction

  1. Anonymous

    Great call.

    CMO merger is sorta interesting. If you assume everything will work out as forecasted it’s a 10-15% return.

    Reply
  2. Arbi

    Have you looked at SOLY? Spread is blowing out. It is a small deal ($550m), regulatory risk should be contained (famous last words), closing not that far off (Q4).

    Reply

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