TORONTO — A special meeting for unitholders of Livingston International Income Fund to consider the company’s acquisition has been postponed, and the options have diminished.
Now, only the CPPIB option remains as Mullen’s proposal expired on Nov. 20.
"Livingston made it clear that they would not be in a position to consider whether Mullen’s proposal would be a ‘Superior Proposal’ to that proposed by the Canada Pension Plan Investment Board and Sterling Partners unless Mullen was able to evidence unitholder support for its proposal through support agreements,” stated Stephen H. Lockwood, president and co-CEO of Mullen.
“In the absence of such support, we do not intend to dedicate further time, effort, resources or funds in pursuit of Livingston," he added.
Whether or not Livingston moves forward with the CPPIB acquisition proposal will not be decided until December.
The special meeting will take place on Dec. 11, instead of the originally scheduled date of Nov. 24. As a result, the voting deadline has been extended to Dec. 9. The postponement was requested by CPPIB/Sterling and Livingston’s board of trustees confirms its recommendation that unitholders vote in favour of the arrangement in respect of the CPPIB/Sterling transaction.
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