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AlarmForce shareholders approve takeover by BCE

Shareholders of Canada-based security and monitoring services provider AlarmForce Industries Inc. have approved its acquisition by Canadian communications company BCE Inc.

AlarmForce said Dec. 18 that the takeover received 10,519,329 votes at a same-date special meeting of shareholders. The company had 11,379,658 shares outstanding as of Nov. 17.

Under the agreement, AlarmForce shareholders will be allowed to vote to form a new wholly owned subsidiary or a holding company and transfer their shares to it. The transferred shares would then be sold to BCE in lieu of a direct sale of AlarmForce shares.

The deal is expected to close Jan. 5, 2018, subject to customary closing conditions and the approval and issuance of a final order by the Ontario Superior Court of Justice.