Last month Australian automotive portal CarsGuide.com.au announced a partnership with Cox Automotive. Several weeks on it’s almost a done deal with special meetings held on December 2 to vote on various Resolutions to modify the Company’s Constitution and a Scheme of Arrangement and finalize the merger.
The voting was overwhelmingly in support of the various Resolutions with 82.1% of OWT Shareholders voting in person or by proxy, while 97.5% of the total shares voted and all were in favor of the respective Resolutions.
The Supreme Court of Victoria is now deliberating and the outcome of these proceedings will be announced on December 14.
In a statement the Chairman of CarsGuide, Greg Duncan said he has always been confident of dealer support.
“To have 97.5% of shares voted, all of which were in favor of the proposed transaction, is another major step in creating real competition in the automotive marketplace for the benefit of both dealers and consumers. The future of Cox Automotive Australia is so exciting and unlimited.”
Assuming the Court makes orders approving the Scheme it is expected to become effective on December 15.