Payfare announces shareholder approval of Fiserv deal

Payfare (PYFRF) announced that the company’s Class A Common shareholders have voted in favour of the previously announced acquisition of Payfare by 1517452 B.C. Ltd., an affiliate of Fiserv, Inc. (FI) pursuant to a plan of arrangement under the Business Corporations Act at the company’s special meeting of Shareholders held earlier Friday. The completion of the Arrangement requires the approval of: at least two-thirds of the votes cast at the Meeting by Shareholders in person or represented by proxy and entitled to vote at the Meeting; and a simple majority of the votes cast at the Meeting by Shareholders in person or represented by proxy and entitled to vote at the Meeting, excluding the votes attached to the Class A Common shares of the company required to be excluded in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.