Canadian nationwide rural fixed-wireless broadband provider Xplornet Communications has agreed to acquire 100% of Calgary-based WiMAX network operator Platinum Communications for CAD0.16 (USD0.12) per share in cash. Platinum operates a wireless broadband network offering internet and digital phone services to residents and businesses across the province of Alberta, catering primarily to rural and near-urban areas that are often beyond the reach of traditional (fixed) internet providers. Bernard Parkinson, CEO of Platinum, stated: ‘Based upon the current industry pressures in the wireless internet services provider industry and after actively reviewing the options available to the shareholders of Platinum, we believe this transaction offers attractive value and presents an excellent opportunity for Platinum’s shareholders.’ The takeover has been unanimously approved by the board of directors of Platinum, while completion of the transaction is subject to standard termination provisions and customary closing conditions including receipt of court approval, approval (at least two-thirds) of Platinum’s shareholders, and necessary regulatory approvals. Voting will take place at a special shareholders meeting in late-October 2015, with closing anticipated to occur shortly thereafter.
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