Shareholders vote to sell Weyburn Inland Terminal
Deal goes to Queen's Bench judge for final approval on March 5
Shareholders have given their support to a controversial plan to sell the Weyburn Inland Terminal to the grain company Parrish & Heimbecker.
It's a historic deal in that the facility is considered Canada's first farmer-owned inland grain terminal, having been created in 1976.
According to a news release, a subsidiary of Parrish & Heimbecker will acquire all of the outstanding common shares of the grain terminal for $17.25 per share.
There are about 5.48 million shares, making the deal worth about $94.6 million.
Just under 80 per cent of the shareholders who cast ballots voted to approve the deal.
The board of directors was in favour of the sale, but a group of dissident shareholders was opposed.
The case has been fought through the courts, with the dissidents arguing that alternatives to selling to Parrish & Heimbecker should be explored.
With the vote completed, the deal goes to a Saskatchewan Court of Queen's Bench judge on March 5.
If the judge approves, the sale could go through by March 10.