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Holloway Lodging shareholders approve sale to private equity firm Clarke

Holloway Lodging Corp. obtained shareholder approval for the company's proposed sale to Canadian private equity firm Clarke Inc.

The deal was approved by about 99.69% of the votes cast at Holloway's Sept. 25 special shareholder meeting and 98.74% of votes cast by shareholders, excluding those cast by Clarke and other excluded votes.

Under a statutory plan of arrangement, Clarke will acquire all the issued and outstanding common shares it does not already own in Holloway, with the latter's shareholders set to receive 0.65 of a Clarke share for each Holloway share they hold.

The transaction is expected to close on or about Sept. 30, pending the Ontario Superior Court of Justice's approval and other remaining conditions.