Intrawest securityholders approve arrangement
October 17 2006 - 6:20PM
PR Newswire (US)
Listed: NYSE Symbols: IDR (NYSE) ITW (TSX) VANCOUVER, Oct. 17
/PRNewswire-FirstCall/ -- Intrawest Corporation ("Intrawest") today
announced that the proposed statutory plan of arrangement (the
"Arrangement") involving Intrawest, its shareholders and
optionholders and two companies owned directly or indirectly by
funds managed by affiliates of Fortress Investment Group LLC has
been approved by Intrawest securityholders. At the special meeting
of Intrawest shareholders and optionholders held this morning the
Arrangement was approved by more than 99.9 per cent of the
securityholders voting. The closing of the transaction remains
subject to court approval in Canada as well as satisfaction or
waiver of other conditions specified in the Arrangement Agreement
entered into on August 10, 2006, including approval by the Ministry
of Industry under the Investment Canada Act. Subject to such
regulatory approval being obtained, an application for final court
approval is scheduled to be heard by the British Columbia Supreme
Court on October 24, 2006. If court approval is obtained and the
other conditions to closing are satisfied or waived, the
transaction is expected to close on October 25, 2006, after which
all Intrawest shareholders will be entitled to receive U.S.$35.00
in cash for each Intrawest common share. Intrawest Corporation
(IDR: NYSE; ITW: TSX) is a world leader in destination resorts and
adventure travel. The company has interests in 10 resorts at North
America's most popular mountain destinations, including Whistler
Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic
Games. Intrawest owns Canadian Mountain Holidays, the largest
heli-skiing operation in the world, and an interest in Abercrombie
& Kent, the world leader in luxury adventure travel. The
Intrawest network also includes Sandestin Golf and Beach Resort in
Florida and Club Intrawest - a private resort club with nine
locations throughout North America. Intrawest develops real estate
at its resorts and at other locations across North America and in
Europe. Intrawest is headquartered in Vancouver, British Columbia.
For more information, visit http://www.intrawest.com/. Statements
contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties.
Intrawest's actual results could differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to, Intrawest's ability to implement its business
strategies, seasonality, weather conditions, competition, general
economic conditions, currency fluctuations and other risks detailed
in the company's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. In
addition, the completion of the transaction contemplated by this
release is conditional upon a number of factors, many of which are
outside of Intrawest's control. There is no assurance that the
transaction will be completed at all or upon the same terms and
conditions previously announced. If you would like to receive
future news releases by email, please contact: CONTACT: Mr. John
Currie, chief financial officer, at (604) 669-9777 or Mr. Tim
McNulty, director, investor relations at (604) 623-6620 or at
DATASOURCE: Intrawest Corporation CONTACT: Mr. John Currie, chief
financial officer, at (604) 669-9777 or Mr. Tim McNulty, director,
investor relations at (604) 623-6620 or at
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