Why is Spar no longer trading on the Toronto Stock Exchange?
On October 2, 2001, Spar Aerospace Ltd. (TSE:SPZ) and L-3 Communications Corporation (NYSE:LLL) announced that L-3 would make a formal offer to purchase all of the fully diluted common shares of Spar at C$15.50 cash per share. This offer was recommended to Spar shareholders by the Spar Board of Directors. Following three extensions, the Offer closed on January 3, 2002 at which time approximately 71.9% of the outstanding shares had been tendered to the offer. On January 23, 2002, a Special Meeting of Shareholders was held and a special resolution was passed to consolidate all the issued and outstanding Spar shares on the basis of 1 post-consolidation common share for each 5,289,502 pre-consolidation common share. On January 25, 2002, Spar shares ceased trading on the Toronto Stock Exchange and Spar Aerospace Ltd. is now a wholly owned subsidiary of L-3 Communications Corporation of New York.
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