Teknion Corporation

Teknion Corporation

February 22, 2008 13:05 ET

Teknion Shareholders Approve Acquisition by Teknion's Controlling Shareholder

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2008) - Teknion Corporation (TSX:TKN) ("Teknion") today announced that Teknion shareholders have approved a Plan of Arrangement (the "Arrangement") whereby 2158436 Ontario Limited ("2158436"), an affiliate of Teknion's controlling shareholder, A-Tean Holdings Limited ("A-Tean"), will acquire all of Teknion's outstanding Subordinate Voting Shares (other than those held by Teknion's controlling shareholder and its affiliates) at a price of $3.15 per Subordinate Voting Share.

At a special meeting of Teknion shareholders today, the Arrangement was approved by approximately 99.89% of the votes cast by minority shareholders present in person or represented by proxy at the meeting and approximately 99.96% of the votes cast by all shareholders present in person or represented by proxy at the meeting.

The Arrangement is subject to final approval of the Ontario Superior Court of Justice. Provided that final approval of the Court is obtained, and that all other conditions to the completion of the Arrangement are satisfied or waived, the Arrangement is expected to close by the end of February.

Teknion Corporation (TSX:TKN) is a leading international designer, manufacturer and marketer of office systems and related office furniture products. Teknion's headquarters are located in Toronto, Ontario. The company has offices and facilities in Canada, the United States, the United Kingdom and the Pacific Rim, and serves clients through a network of authorized dealers worldwide. Visit Teknion at www.teknion.com.

Contact Information

  • Teknion Corporation
    Steven E. Cohen
    Senior Vice President, Corporate Development
    (416) 661-1577, ext. 2456
    Teknion Corporation
    Scott E. Bond
    Senior Vice President, Chief Financial Officer & Secretary
    (416) 661-1577, ext. 2391
    Website: www.teknion.com