Prism Medical said today it obtained an interim order from the Ontario Superior Court of Justice to allow for a special meeting of share holders to approve its acquisition by Handicare.
The meeting is scheduled for August 26, and will allow shareholders to vote on the approximately $62 million acquisition by Swedish Handicare, which supplies technical aids for the elderly and physically disabled.
Handicare will pick up all outstanding common shares in Prism Medical at the price of $12.50 per share, according to a press release. The company anticipates the acquisition, if approved, will close by early September 2016.
Prism Medical originally announced the Acquisition in June. Canaccord Genuity Corp is acting as financial advisor to Prism Medical during the sale, the company said.
Earlier in June, Prism Medical said its chief financial officer Rose Papastamos is stepping down. The company said it is currently in “advanced negotiations” with a qualified candidate for the position, and expects to finalize the hire this month.
