A meeting of shareholders in Dynatec (DY-T) has approved the takeover offer from Sherritt International (S-T), which will permit a court approval of the merger on June 12.
About 99% of the shares voted at the meeting were in favour of the merger proposal, under which Sherritt is offering 0.19 of a share for each Dynatec share. Dynatec shareholders also get 0.0635 of a share of FNX Mining (FNX-T), as a dividend; Dynatec owns about 25% of FNX as a result of earlier deals in which FNX paid for Dynatec assets in shares.
The deal can go to the court on June 12, and approval would allow the merger plan to be effective June 14.
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