Velan announced that shareholders of Velan have approved the proposed arrangement resolution in connection with the arrangement agreement made as of February 9, 2023 among Velan and Flowserve, as amended by the first amendment to the arrangement agreement dated March 27, 2023 pursuant to which all of Velan’s issued and outstanding shares would be acquired for $13.00 per share in cash by the purchaser, a wholly owned subsidiary of Flowserve Corporation.
The arrangement resolution had to be approved by not less than two thirds of the votes cast at the special meeting of shareholders of Velan held on May 5, 2023.
The resolution relating to the Arrangement was approved by 99.99% of the votes cast by all Velan shareholders.
The Arrangement remains subject to the approval of the Superior Court of Québec and the satisfaction or waiver of other customary closing conditions, including the regulatory approvals and clearances. The Court hearing for the final order to approve the Arrangement is expected to take place on May 16, 2023 and the completion of the Arrangement is now expected to occur in the third quarter of 2023 (calendar year).
Courtesy of Velan.