Indigo operates retail stores across all provinces in Canada. Credit: Indigo via Shutterstock.com.

Shareholders of Canadian retailer Indigo Books & Music shareholders have voted in favour of the company’s acquisition by Trilogy Investments LP (TILP). 

At a special meeting, 95.09% of company shareholders and 82.49% of minority shareholders supported the transaction. 

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The approval follows the announcement that Indigo will go private after formalising an agreement with TILP and Trilogy Retail Holding Inc in April 2024.  

TILP proposed to acquire all the outstanding common shares of Indigo not already owned by Trilogy and its associates for C$2.50 ($1.85) per share in cash. 

Trilogy and its affiliates already hold 60.6% of Indigo’s issued and outstanding common shares.  

Indigo CEO Heather Reisman said: “We are pleased with the result of today’s vote and look forward to continuing our work on Indigo’s transformation strategy. 

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“We remain deeply committed to our customers and to all our stakeholders as we work together to inspire reading and enrich the lives of book lovers across the country.” 

The transaction is set to receive a final order from the Ontario Superior Court of Justice on 30 May 2024.  

The takeover is subject to the satisfaction or waiver of other customary conditions. 

The deal will become effective around 31 May 2024.

Post-acquisition, Indigo’s common shares will be delisted from the Toronto Stock Exchange.  

Trilogy also plans to terminate Indigo’s public reporting requirements by applying to cease the company’s status as a reporting issuer under Canadian securities laws. 

Indigo is a book and lifestyle retailer with a presence in all ten provinces and one territory in Canada.  

The company also has a retail footprint in the US, with a store in Short Hills, New Jersey.