Brick shareholders and warrantholders vote to approve Leon’s deal

TORONTO – The Brick Ltd. (TSX:BRK) said Friday that its shareholders and warrantholders have voted to approve a takeover of the furniture retailer by Leon’s Furniture Ltd. (TSX:LNF).

The Brick said holders of 86 per cent of its shares and 52 per cent of its warrants voted 99.99 and 100 per cent respectively in favour of the deal

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Under the deal, Brick shareholders may receive $5.40 in cash per common share or 0.0054 convertible debentures.

For each warrant, the holder may receive $4.40 in cash per warrant or 0.0044 convertible debentures per warrant.

Leon’s, founded in 1909 in Welland, Ont., has 76 stores with locations in every province except British Columbia.

The Brick, which opened its first store in Edmonton in 1971, has 230 stores operating under The Brick, United Furniture Warehouse, The Brick Mattress Store and Urban Brick banners.