Key Takeaways:
- Shareholders approved the acquisition with over 99% of votes in favor.
- The deal values Crescita shares at a target price of $0.80 each.
- The company will seek final court approval on May 20, 2026.
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Crescita Therapeutics shareholders approve acquisition at up to $0.80 per share
Crescita Therapeutics Inc. (TSX: CTX) shareholders overwhelmingly approved the company's acquisition by ClinActiv Holdings Inc. for up to $0.80 per share at a special meeting on May 14.
"The Arrangement Resolution required approval of at least two-thirds of the votes cast by Shareholders... and a simple majority of the votes cast by Minority Shareholders," the company stated in a press release.
The proposal was approved by 99.58% of all shareholder votes and 99.53% of votes from minority shareholders. The acquisition price is targeted at $0.80 per share, with a floor of $0.75, subject to working capital adjustments.
The company will seek a final order from the Ontario Superior Court of Justice on May 20 to complete the arrangement. Following the transaction's expected close in the second quarter of 2026, Crescita shares will be delisted from the Toronto Stock Exchange.
The vote solidifies the path for Crescita, a commercial dermatology company, to go private. For investors, the approval locks in the acquisition price, removing further market risk ahead of the delisting. The next major hurdle is the court approval, after which the deal is subject to customary closing conditions.
This article is for informational purposes only and does not constitute investment advice.
