Shareholders: Minority Shareholders and Vote

shareholders: Minority shareholders are set to vote Tuesday on the 10.30 per share offer from the Baker-led group, while the deadline to vote by proxy is Friday, according to CTV. Petrie says it appears increasingly unlikely that minority shareholders will approve the deal given dissident shareholder Catalyst Capital Group owns a roughly 17.5 per cent stake and a proxy advisory service has recommended shareholders to vote no. CIBC analyst Mark Petrie says an increased bid from the group led by executive chairman Richard Baker is the most likely path to privatization, but it is far from clear whether this is in the cards. Two other proxy advisory services have, however, encouraged shareholders to vote for the proposal. We continue to believe a modestly boosted bid from the majority group should be enough to get the deal done, but at this stage handicapping probabilities is futile, Petrie wrote. The bid also faces a lawsuit and ongoing hearing at the Ontario Securities Commission -- both seeking to block the offer. (www.immigrantscanada.com). As reported in the news.