The Quebec Superior Court approved a plan Monday for Garda World Security to be taken private by a consortium formed by the cash logistics and security company's CEO and private equity firm Apax Partners. The deal, which won shareholder approval last week, is expected to close in the fourth quarter after receiving regulatory approvals. Shareholders will be paid $12 per share cash in a deal valued at $1.1 billion, including the assumption of $625 million of net debt. About $300 million will be spent to buy out shareholders while the more than 25 per cent stake in the company owned by Cretier and senior management will be rolled over to the new entity. The bid price represents a 30 per cent premium over the closing price of the shares on the day before the deal was announced Sept. 6, and 45 per cent premium to the 90-day volume-weighted average price of the shares.
