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Temple Becomes Wholly Owned Subsidiary of Morguard

MISSISSAUGA, Ont. — Morguard Corporation and Temple Hotels Inc. have completed the “going-private” transaction originally announced in December, in which Morguard acquired all issued and outstanding common shares of Temple it did not own immediately prior to the arrangement.

Temple announced the transaction received approval from the Ontario Superior Court of Justice (Commercial List) on February 14. Temple shareholders (other than Morguard) received consideration of $2.10 in cash per Temple share. As a result of the arrangement, Temple is now a wholly owned subsidiary of Morguard.

Prior to this transaction, Morguard held approximately 72.5 per cent of Temple shares and acquired the remaining shares for a total of $43.3 million.

Temple shares have been halted from trading on and are expected to be delisted from the Toronto Stock Exchange.

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