AlarmForce shareholders approve sale of company to BCE

TORONTO — AlarmForce Industries Inc. says its shareholders have approved the sale of the company to telecom and media giant BCE Inc. (TSX:BCE).

The deal, initially announced in early November, is worth about $166 million.

AlarmForce (TSX:AF) says it expects the agreement to be completed by Jan. 5, 2018, subject to customary closing conditions, including approval from the Ontario Superior Court of Justice.

When the deal was first announced, George Cope, the CEO of BCE and Bell Canada, says it would allow Bell to leverage its network in millions of Canadian homes in order to grow its position in security and automation services.

AlarmForce said the purchase price represented a 71 per cent premium to its closing share price of $9.34 on Nov. 6 and a 70 per cent premium to the 20-day volume weighted average price for the period ending Nov. 6.

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