|Date Announced:||August 09, 2019|
|Date Closed:||September 30, 2019|
|Client Name:||Holloway Lodging Corporation|
On August 8, 2019, Clarke Inc. and Holloway Lodging Corporation entered into an arrangement agreement, pursuant to which Clarke has agreed to acquire all of the common shares of Holloway that it does not currently own by way of statutory plan of arrangement under the Business Corporations Act (Ontario).
Clarke currently owns approximately 52% of Holloway’s outstanding common shares. Pursuant to the plan of arrangement, Clarke will acquire each outstanding common share of Holloway that it does not currently own in exchange for 0.65 of a common share of Clarke. Following completion of the arrangement, Holloway will become a wholly-owned subsidiary of Clarke.
Bennett Jones LLP acted as counsel to the special committee of Holloway.