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.
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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