Shareholders of Astral Media Inc. have given their approval for a $3.4-billion acquisition of the TV, radio and billboard company by telecommunications giant BCE Inc.
The purchase was approved by shareholders representing more than 99% of Astral’s shares.
The company decided against holding a vote on payment of a $25-million premium to Astral’s president and CEO Ian Greenberg, due to inadequate support from shareholders.
BCE’s takeover of Astral must also receive approval from the Quebec Superior Court at a hearing scheduled for Friday.
BCE expects the purchase of Astral to be completed in the second half of the year, pending usual court and regulator approvals.
Related
• Bell acquires Astral Media for $3.38 billion
• Chatter: Bell/Astral deal resurrects consolidation debate
