Vote on future of True Value extended
As members of True Value consider an offer to sell 70% equity of the company to Acon Investments, Chicago-based True Value Company has added a week to the voting deadline.
On Friday, the company announced to members that the special meeting of the board on April 20 will share the voting results with the members. The original vote deadline was April 12, just before midnight. It’s now April 19, just before midnight.
So far, votes have been largely in favor of the proposal announced March 15 that would dramatically change the structure of the True Value, sell a majority stake to a private equity company and unlock dealers investment. The company said 72% of the proxies have been counted, and 85% have voted for the proposal.
In an announcement to dealers on Friday, the co-op said: “based on the massive vote support, our plan remains to close the transaction on or around April 20 following the Special Meeting.”
The additional week was described in a statement as related to a lawsuit brought by a member who sought more information.
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