ViXS Systems Inc., a pioneer and leader in advanced media processing solutions, is pleased to announce that today it obtained a final order of the Ontario Superior Court of Justice(Commercial List) (“Final Order”) approving the previously announced proposed acquisition by Pixelworks, Inc. of all of ViXS’ outstanding common shares pursuant to an arrangement agreement dated May 18, 2017(the “Arrangement”) between ViXS and Pixelworks.
Receipt of the Final Order follows ViXS’s Annual and Special Meeting of shareholders held on July 27, 2017, where a special resolution approving the Arrangement was voted for by 98.66% of the votes cast by ViXS shareholders present in person or represented by proxy at the meeting.
Completion of the Arrangement remains subject to the satisfaction or waiver of certain conditions, including obtaining certain third-party consents and approvals. It is anticipated completion will occur in early August 2017.
Further details regarding the Arrangement are set out in ViXS’s notice of annual and special meeting of shareholders and Management Information Circular dated June 26, 2017, which is available on SEDAR at www.sedar.com.
