In a meeting on May 27, shareholders of Indigo Books and Music voted in favour of a takeover bid by Trilogy Retail Holdings Inc. and Trilogy Investments I.P.

The company announced on February 1 that the personal holdings companies of Indigo board member Gerald W. Schwartz, who is also the spouse of Indigo founder and CEO Heather Reisman, had offered to acquire all the shares not already owned by Trilogy for $2.25 cash per share.

In April, the company announced it had entered into an agreement that would see Trilogy pay $2.50 per share. To proceed, 66 2/3 per cent of shareholders had to approve the deal.

At Monday’s meeting, 95.09 per cent of votes cast by company shareholders and 82.49 per cent of votes cast by minority shareholders were in favour of the agreement. Indigo is scheduled to seek a final order from the Ontario Superior Court of Justice on May 30 approving the transaction.

Once the agreement is completed, Indigo’s common shares are expected to be delisted from the Toronto Stock Exchange. Trilogy also intends for Indigo to apply to terminate any public reporting requirements following completion of the arrangement.