Mississauga, Ontario-based Novadaq said that proxy advisors Institutional Shareholder Services and Glass, Lewis & Co. backed the $11.75-per-share offer, which must win over at least 66⅔% of the quorum at a shareholders meeting slated for August 4. The offer is a 95.8% premium on NVDQ’s June 16 closing price, the day before the deal was announced.
“In light of the attractive premium for shareholders, the certainty of value and liquidity to shareholders due to the all-cash consideration, the company’s prospects, and the robust auction process, shareholder approval of this resolution is warranted,” ISS said in a prepared statement, according to Novadaq, which makes fluorescence imaging technology.
“We are pleased that both ISS and Glass Lewis support our board of directors’ recommendation that shareholders support the arrangement and recommend that Novadaq shareholders vote in favor of the arrangement,” president & CEO Rick Mangat said in prepared remarks. “These recommendations reaffirm our confidence in the arrangement and the immediate value that our shareholders will receive.”