WestJet shareholders 'overwhelmingly' approve of Onex takeover offer

WestJet Airlines shareholders have approved the C$5b takeover bid by Onex Corp, paving the way for the private equity firm to take the airline private. WestJet said Tuesday that shareholders “overwhelmingly voted” to approve the Onex offer. Of the votes cast at Tuesday’s meeting, 92.53% were in favour of the deal. WestJet’s board of directors had unanimously recommended that shareholders approve the agreement. The deal required the approval of at least 66.67% of shareholders. Onex will acquire outstanding WestJet shares for $31, a 67% premium on the closing price of the airline’s shares May 10, the last trading day before the blockbuster deal was announced. Canada’s minister of transport has approved the transaction, but it still requires several regulatory approvals. <br/>