The founders, the stockholders and now the Canadian authorities have approved the sale of CINAR Corp. to the investor group comprised of Michael Hirsh, Toper Taylor and TD Capital Canadian Private Equity Partners through 4113683 Canada Inc. ("Newco").
The Quebec Superior Court granted approval by Justice Joel A. Silcoff, on Feb. 25, 2004, following a hearing in Montreal, on February 19 and 20.
"We are very pleased to see the conclusion of one of the last important steps required to close this transaction ", said Robert Despres, chairman of CINAR's board of directors. "Once the final paperwork is complete, the transaction will officially close and CINAR will move forward as a private company."
CINAR shareholders approved the acquisition on Feb. 17. The acquisition is expected to close on or about March 1, 2004. CINAR Corp. (www.cinar.com) is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non- violent, quality programming and educational products for children and families.