Magna Cum Laude?
CBC News reports, Magna, Stronach deal to go ahead : Magna International said Tuesday it will move ahead with a deal worth nearly $1 billion to have founder Frank Stronach give up control over the auto parts giant. Dissident shareholders opposed to the plan have notified the Aurora, Ont.-based company that they do not intend further legal appeals, Magna said in a release. A day earlier, the Ontario Divisional Court upheld a lower-court ruling approving the proposal. The dissident shareholders included the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan, OMERS, the Alberta Investment Management Corp. and British Columbia Investment Management Corp. They had opposed the size of the premium over the present value of the company's shares — about 18-fold — to be paid to the Stronach family trust, and argued it would set a dangerous precedent for similar, future deals in terms of the loss of shareholder value. The deal provides for Stronach to receiv