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Aecon shareholders approve takeover by CCCC International Holding

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Aecon shareholders approve takeover by CCCC International Holding

Shareholders of Aecon Group Inc. overwhelmingly approved the C$1.5 billion takeover by CCCC International Holding Ltd., the financing subsidiary of China Communications Construction Co. Ltd., the Toronto Star reported.

Aecon's board urged shareholders to support CCCC's C$20.37-per-share cash offer announced in late October. The deal represents a 42% premium over Aecon's share price on Aug. 24, the date when the sale was first made public.

The Toronto Star said that roughly 33.85 million votes were cast in favor of the takeover, while more than 204,000 votes opposed the deal, a 57.8% participation rate by shareholders eligible to vote.

The deal has already received a "no action" letter granting approval under Canadian competition law, according to the newspaper. CCCC has also informed Aecon that it has obtained approval from China's regulatory agency, the National Development and Reform Commission.