Cossette shareholders approve Mill Road takeover deal

The purchase was approved by 99.9% of votes cast at a special general meeting in Quebec City on Friday, the company said. The deal is expected to be completed this week.

Mill Road’s offer of C$8.10, valuing Cossette at C$135m, was accepted by the firm’s board at the end of November after a bidding war with a rival investment group led by former Cossette vice chairman François Duffar.

Cossette said in a statement that “no significant changes” are expected in its direction or operations as a result of the acquisition. The company will retain its name, its headquarters in Quebec City and its existing management team.

The firm’s president and CEO Claude Lessard (pictured) said “this is truly an historic moment for Cossette”.

Thomas Lynch, senior managing director of Mill Road Capital, said: “We look forward to our new partnership with Cossette and are very excited about what we can achieve together.”