Shareholders of Filo Corp. (TSX: FIL) have overwhelmingly approved a plan for the company’s acquisition by BHP Investments Canada Inc. and Lundin Mining Corporation (TSX: LUN). The arrangement, announced at a special shareholder meeting, will see BHP and Lundin Mining acquire all outstanding Filo shares not already under their control.
The proposal received near-unanimous support, with 99.99% of votes cast in favor, both overall and among minority shareholders. The acquisition will be conducted under section 192 of the Canada Business Corporations Act.
While shareholder approval marks a significant milestone, the deal still faces several hurdles. It requires regulatory and stock exchange approvals, as well as the green light from the Ontario Superior Court of Justice. A court hearing for the final order is scheduled for October 2, 2024.
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Pending these approvals and satisfaction of other conditions outlined in the arrangement agreement, the acquisition is expected to close in the first quarter of 2025.
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