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Ontario court approves BCE's acquisition of AlarmForce

Canada-based security and monitoring services provider AlarmForce Industries Inc. said Dec. 21 that the Ontario Superior Court of Justice has approved BCE Inc.'s proposed takeover of the company.

The development comes three days after AlarmForce shareholders approved the takeover bid, which is expected to be completed Jan. 5, 2018.

Under the deal, BCE has agreed to allow each AlarmForce shareholder to vote to form a new wholly owned holding company, in which they could transfer their shares in exchange for shares of the holding company, which would then be sold to BCE in lieu of a direct sale of AlarmForce shares.