VANCOUVER - Norsat International Inc. (TSX:NII) says its securityholders have voted to approve a controversial takeover of the company by Chinese company Hytera Communications Co. Ltd.
The Canadian satellite communications firm says its securityholders voted 72.53 per cent in favour of the offer of US$11.50 per share.
The deal has been the focus of a debate over national security risks and the federal government's willingness to approve a Chinese takeover of a Canadian technology company.
Prime Minister Justin Trudeau has said Canada consulted the U.S., a major Norsat customer, before concluding that Hytera's takeover doesn't pose any national security concerns.
Norsat says the deal is still subject to approval by the B.C. Supreme Court as well as other regulatory approvals and certain other closing conditions.
U.S. investment fund Privet Fund Management LLC, a major Norsat shareholder, had made a rival bid for the company and voted against deal.
