Rocky Mountain Equipment shareholders approve go-private sale

Shareholders in Rocky Mountain Equipment (RME) have voted in favour of taking the publicly-traded farm equipment dealer private.

The company says 72.3 per cent of the votes cast in a special meeting on December 17, 2020, were in favour of the arrangement to sell RME’s shares to a numbered company controlled by RME’s board chair Matthew Campbell and CEO Garrett Ganden. The deal required two-thirds approval to proceed.

RME is the largest independent agricultural equipment dealer in Canada and the second largest Case IH dealer in North America, operating 36 dealerships across Alberta, Saskatchewan, and Manitoba.

The deal is now expected to receive approval from the Court of Queen’s Bench of Alberta on December 18. After all the conditions of the agreement are met, RME’s shares will be de-listed from the Toronto Stock Exchange.

The buyers sweetened the deal for shareholders last week, increasing the per share payment from the original $7.00 offer to $7.41, boosting RME’s valuation to $144 million on an equity basis and $195 million including debt and lease obligations, and excluding floor plan payables.

The results follow a notice from RME earlier this month saying it had “become aware of certain proxy solicitation activities being conducted contrary to applicable securities laws” and had taken steps to curtail these activities.

Related: Rocky Mountain Equipment executives bid to take Canada’s largest ag equipment dealer private

 

Leave a Reply

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Privacy Preference Center

Necessary

Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.

gdpr, __cfduid, PHPSESSID, wordpress_test_cookie, woocommerce_items_in_cart, woocommerce_cart_hash, wp_woocommerce_session, wordpress_logged_in, wordpress_sec, wp-settings, wp-settings-time, __cf_mob_redir, wordpress_cache, realag
__cfduid

Marketing

Measuring interactions with the ads on the domain.

__gads,fsk_ut_2317
IDE

Statistics

These are used to track user interaction and detect potential problems. These help us improve our services by providing analytical data on how users use this site.

_ga,_gid,_gat,_cb,_chartbeat2,_chartbeat4
_ga,_gid
metrics_token

Preferences

Preference cookies enable the website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.

chartdefaults, comment_author, comment_author_email, comment_author_url
JSESSIONID, _os_session,anonymous_votes,csrf-param,csrf-token,user,user-id,user-platform,intercom-session,intercom-lou,intercom-session
personalization_id, tfw_exp

 

Register for a RealAgriculture account to manage your Shortcut menu instead of the default.

Register