PRT acquisition approved
PRT Growing Services Ltd. and Mill Road Capital Management LLC announced shareholder and court approval of the acquisition of all of the issued and outstanding common shares of PRT by 8242275 Canada Inc., an entity controlled by Mill Road Capital.
PRT Growing Services Ltd. is the largest producer of container grown forest seedlings in North America, currently operating 13 nursery locations expected to produce over 160 million seedlings in 2012.
The proposed transaction was approved by over 88% of PRT shareholders voting in person or represented by proxy at the special meeting held on December 12, 2012. The arrangement was approved by the Supreme Court of British Columbia on December 13, 2012. In accordance with the arrangement, 8242275 Canada Inc., an entity controlled by Mill Road Capital, will acquire all of the issued and outstanding common shares of PRT for consideration of $4.45 per common share.
As a result of the acquisition, PRT’s common shares are expected to be delisted from the Toronto Stock Exchange within three business days.