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Temple & Morguard Complete Going Private Transaction and Early Warning
Temple & Morguard Complete Going Private Transaction and Early Warning Temple ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\n\nTemple & Morguard Complete Going Private Transaction and Early Warning\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nTemple & Morguard Complete Going Private Transaction and Early Warning\nCanada NewsWire\nMISSISSAUGA, ON, Feb. 18, 2020\n\n\n\nMISSISSAUGA, ON, Feb. 18, 2020 /CNW/ - Morguard Corporation (TSX: MRC) (\"Morguard\") and Temple Hotels Inc. (TSX:TPH) (\"Temple\") announced today that they have completed the previously announced statutory plan of arrangement under section 192 of the Canada Business Corporations Act (the \"Arrangement\"), pursuant to which Morguard has acquired all of the issued and outstanding common shares of Temple (\"Temple Shares\") that it did not own immediately prior to the Arrangement. Pursuant to the Arrangement, Temple shareholders, other than Morguard, received consideration of $2.10 in cash per Temple Share. As a result of the Arrangement, Temple is now a wholly-owned subsidiary of Morguard.\nThe Temple Shares have been halted from trading on and are expected to be delisted from the Toronto Stock Exchange (\"TSX\"). Temple will also be submitting an application to cease to be a reporting issuer under the securities laws in each of the jurisdictions in Canada in which Temple is a reporting issuer.\nMorguard Early Warning\nPursuant to the Arrangement, Morguard acquired an aggregate of 20,668,856 Temple Shares at a price of $2.10 per Temple Share for a total price of $43,404,597.60. The Temple Shares acquired by Morguard represent approximately 27.50% of the issued and outstanding Temple Shares as of February 18, 2020. \nAfter the completion of the Arrangement, Morguard now owns 75,161,767 Temple Shares, representing 100% of the issued and outstanding Temple Shares. Immediately prior to the Arrangement, Morguard held 54,492,911 Temple Shares, representing approximately 72.62% of the issued and outstanding Temple Shares on a non-diluted basis and 72.50% of the issued and outstanding Temple Shares on a fully diluted basis. \nThis press release is being issued, in part, pursuant to National Instrument 62-103 – The ...