Shareholders in Canada’s largest John Deere farm equipment dealer have approved the sale of the company to Brandt Tractor Ltd.
The $302 million deal to sell Cervus Equipment Corporation to Brandt was originally announced in August.
The October 12 shareholder meeting saw 97.7 per cent of votes cast in favour of the deal, which remains subject to approval of the Court of Queen’s Bench of Alberta, and other customary closing conditions.
Cervus says it expects the transaction will be finalized in the next few weeks — mid-to-late October 2021.
Brandt has agreed to pay $19.50 per share in cash for all common shares in Cervus, excluding the 9 per cent stake that Brandt already owns.
Headquartered in Calgary, Alberta, Cervus operates 64 dealership locations in Canada, Australia, and New Zealand, selling John Deere farm equipment and Peterbilt trucks, as well as Clark, Sellick, Doosan, JLG, and Baumann material handling equipment. The company is publicly traded on the TSX.
The Brandt Group of Companies, based in Regina, Saskatchewan, is the world’s largest privately-owned John Deere Construction & Forestry equipment dealer, with more than 100 dealer locations in Canada and the U.S.
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