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EXFO announced that the Superior Court of Québec has approved the proposed plan of arrangement with 11172239 Canada Inc. Following a special shareholders meeting on August 13, 2021, an overwhelming 99.65% approved the arrangement, including 90.95% of subordinate voting shareholders, excluding specific votes. The Arrangement is expected to finalize around August 27, 2021, pending customary closing conditions.
Further details can be found in the management information circular dated July 15, 2021.
EXFO shareholders overwhelmingly approved a plan of arrangement during a special meeting held on August 13, 2021. Approximately 97.49% of votes were cast in favor of the arrangement, which involves 11172239 Canada Inc. acquiring all subordinate voting shares of EXFO, excluding shares held by certain shareholders, for US $6.25 per share. The resolution received 99.65% approval from shareholders, meeting necessary regulatory criteria. The acquisition is subject to customary closing conditions, including approval from the Superior Court of Québec.
EXFO has filed an amendment to its Rule 13e-3 transaction statement regarding a going private deal with 11172239 Canada Inc. The purchase price has been raised from US $6.00 to US $6.25 per subordinate voting share. No other changes were made to the transaction terms or the date for the special meeting of shareholders to approve the deal. Shareholders are advised to review the full transaction details on the SEC website. This announcement serves informational purposes only and does not constitute an offer to buy or sell shares.
EXFO Inc. (NASDAQ: EXFO) announced an increase in the purchase price for its subordinate voting shares from US $6.00 to US $6.25 as part of a going-private transaction. The amendment to the arrangement agreement includes support from shareholders controlling approximately 14.75% of the outstanding shares. The special meeting for shareholders is set for August 13, 2021, which will be held virtually. Germain Lamonde intends to delist EXFO from the Toronto Stock Exchange and NASDAQ after the transaction closes, ceasing public reporting obligations.
VIAVI Solutions thanks EXFO minority shareholders for their support of a superior acquisition proposal at US$8.00 per share, urging rejection of Germain Lamonde's inferior US$6.00 going private offer. Shareholders are encouraged to exercise dissent rights for fair value and contest the fairness of the transaction at a hearing on August 20, 2021. Prior to the announcement on June 7, 2021, EXFO shares traded at US$3.70, indicating potential loss if Lamonde's offer proceeds. VIAVI emphasizes the need for the EXFO Special Committee to act in the best interests of all shareholders.
Viavi Solutions Inc. expressed disappointment over the rejection of its increased acquisition offer of US$8.00 per share for EXFO Inc. by Germain Lamonde and the EXFO Special Committee. This offer represents a premium of 116% over EXFO’s previous closing price before the going private announcement. Viavi criticizes Lamonde's US$6.00 per share proposal as inadequate and claims that it deprives minority shareholders of greater value. Viavi urges the EXFO Special Committee to fulfill its fiduciary duty and consider a deal that maximizes shareholder value.
EXFO Inc. clarifies its position regarding an unsolicited proposal from Viavi Solutions on July 20, 2021. The Board of Directors, after consultation with legal advisors and a special committee, confirmed that the proposal was rejected due to the Controlling Shareholder's (Mr. Germain Lamonde) firm stance against any change of control transactions. As a result, the Board concluded that the proposal does not qualify as a 'Superior Proposal.' A special shareholders’ meeting is scheduled for August 13, 2021, to discuss a going-private transaction. Details are available in the management proxy circular.
On July 20, 2021, Germain Lamonde, controlling shareholder of EXFO, announced the rejection of Viavi Solutions' fourth unsolicited acquisition proposal. He stressed that any transaction with Viavi would not benefit EXFO's customers, as it would lead to higher prices and reduced service options. Lamonde reiterated his formal offer to purchase all Subordinate Voting Shares at US$6.00 each, representing a significant premium—62% above the closing price on June 4, 2021. He emphasized that shareholders can choose between accepting this offer or remaining public.
VIAVI Solutions (NASDAQ: VIAV) has submitted an increased binding proposal to acquire EXFO (NASDAQ: EXFO) for $8.00 per share, representing a premium of 33⅓% over EXFO's current Going Private Transaction offer. The proposal values EXFO at approximately $459 million and includes a 116% premium over its closing price prior to the announcement of the Going Private Transaction. The proposal follows EXFO's strong fiscal Q3 results, driven by 5G and fiber network demand, with bookings up 47.2% year-on-year. VIAVI's offer intends to ensure significant value for all EXFO shareholders.
EXFO has filed its management proxy solicitation circular regarding a special meeting to approve a statutory plan of arrangement, where 11172239 Canada Inc. will acquire 100% of EXFO's subordinate voting shares for US$6.00 per share. This offer represents a 62% and 63% premium over prior closing and 20-day volume-weighted average prices, respectively. The special meeting is scheduled for August 13, 2021, requiring a two-thirds approval from shareholders. The board unanimously recommends voting in favor of the arrangement. Shareholders should ensure proxies are submitted by August 11, 2021.
