Morguard Corp. struck a definitive deal to buy out Temple Hotels Inc. for C$2.10 per common share in an all-cash transaction.
As of Dec. 19, Morguard owns 54,492,911 Temple shares, representing about 72.6% of the total Temple shares issued and outstanding.
Under the deal terms, Temple agreed not to solicit any alternative deals and to pay Morguard a termination fee equal to about C$1.3 million under certain conditions.
The board-approved deal is subject to approval by the Superior Court of Justice of Ontario, among other closing conditions. Closing must take place no later than March 31, 2020.
Origin Merchant Partners was financial adviser to Temple's special committee.