Transcontinental holders OK sale of packaging business

Executive Summary

• TC Transcontinental shareholders approved the sale of its packaging business to ProAmpac Holdings Inc. at a special meeting held on the date of the release.
• The transaction was approved by 99.98% of votes cast, exceeding the required 66-2/3% threshold for both Class A and Class B shareholders.
• The deal is expected to close in the first quarter of 2026, pending regulatory approvals and other customary conditions.

Key Details

• Transaction Structure: ProAmpac Holdings Inc. agreed to purchase, directly or indirectly, all issued and outstanding shares of the share capital of entities carrying on TC Transcontinental's packaging sector.
• Shareholder Approval: Approved by 99.98% of votes cast.
• Voting Threshold: Exceeded the legal requirement of 66-2/3% of votes cast by holders of Class A subordinate voting shares and Class B shares, voting together.
• Timeline:
  • Stock Purchase Agreement Executed: December 7, 2025.
  • Agreement Announced: December 8, 2025.
  • Expected Closing: First quarter of calendar year 2026.
• Conditions: Closing remains subject to regulatory approvals and other customary conditions.
• Company Context: TC Transcontinental is a North American leader in flexible packaging, Canada's largest printer, and leader in French-language educational publishing, with approximately 7,600 employees and $2.7 billion in revenues for the fiscal year ended Oct. 26, 2025.

Notable Quotes

• None provided in the text.