Shareholders of North American Palladium (NAP) voted 96 per cent in favour of a takeover by Impala Platinum Holdings.
NAP announced the results after a special shareholders meeting on Dec.4.
In early October, news was released of South African base metal heavyweight Impala Platinum’s acquisition of NAP in a cash and share deal worth $1 billion.
NAP’s main operating asset is Lac des Iles, 90 kilometres northwest of Thunder Bay, but also boasts several promising exploration projects nearby that are currently being drilled.
Under the terms of the agreement, shareholders of NAP will receive $19.74 per share in cash while Brookfield Business Partners L.P., a majority shareholder of NAP, will receive $16.00 cash per share in cash.
Brookfield rescued NAP from near bankruptcy with a US$130-million loan after a financially crippling mine expansion in 2013.
NAP will apply for final approval with the Ontario Superior Court of Justice on Dec.9 with the deal expected to close on Dec. 13. The company will be delisted from the Toronto Stock Exchange.
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