Rocky Mountain Dealerships shareholders approve go-private deal

·1 min read

CALGARY — Rocky Mountain Dealerships Inc. says shareholders have voted in favour of a deal to take the company private.

The company says 72.3 per cent of shareholder votes in a virtual meeting were in favour of the deal to allow a numbered company to buy outstanding shares for $7.41 apiece.

The deal with the private company, which is controlled by chairman Matthew Campbell and CEO Garrett Ganden, values Rocky Mountain Dealerships at $144 million — or $195 million including debt net of cash and lease obligations, and excluding floor plan payables.

The Calgary-based company says it is the largest farm equipment dealer in Canada with 36 locations in Alberta, Saskatchewan and Manitoba.

The go-private arrangement must still be approved by the courts before it can go ahead.

The company says if a judge approves the deal, shares will be delisted from the Toronto Stock Exchange, where they traded at $7.39 each today.

This report by The Canadian Press was first published Dec. 17, 2020.

Companies in this story: (TSX:RME)

The Canadian Press