|By Marketwired .||
|September 3, 2013 05:31 PM EDT||
MISSISSAUGA, ONTARIO -- (Marketwired) -- 09/03/13 -- CML HealthCare Inc. (the "Company" or "CML") (TSX:CLC) announced that, at a special meeting of shareholders held today in Toronto, Ontario, its shareholders have approved the Plan of Arrangement (the "Arrangement"), which provides for LifeLabs Ontario Inc. ("LifeLabs") to acquire all issued and outstanding common shares of CML in exchange for $10.75 per common share in cash.
The Arrangement was approved by approximately 99.8% of the votes cast by CML common shareholders at the special meeting.
The closing of the Arrangement remains subject to the granting of the final order by the Ontario Superior Court of Justice approving the Arrangement, and the satisfaction or waiver of other customary closing conditions.
The Arrangement is anticipated to become effective on October 1, 2013. Upon completion of the Arrangement, shareholders will be entitled to receive $10.75 per common share in cash, as described in the Management Information Circular for the special meeting. The CML common shares will be delisted from the Toronto Stock Exchange within a few business days following closing.
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is a leading Canadian community-based, medical diagnostic services provider. In addition to its network of 114 Client C.A.R.E. Centres in Ontario and 82 imaging centres in Ontario and British Columbia, CML operates three subsidiaries: 1) Hemostasis Reference Laboratory, focused on specialized coagulation testing and equipment calibration for international customers; 2) CML Bioanalytics, a specialty laboratory providing customized clinical trial testing for the biotechnology and pharmaceutics industries; and 3) Rocky Mountain Analytical, providing specialized testing for naturopaths and physicians practicing integrated medicine in Canada. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com or follow CML on Twitter @cmlhealthcare.