Perigree files for approval of merger with Legg Mason

Perigee says that it expects to mail a unitholder circular by April 14. It has a shareholder meeting scheduled for May 18 to vote on the deal, and contemplates closing it on May 26.

The transaction was announced back on March 9. Baltimore’s Legg Mason will acquire all of Perigee’s outstanding shares on a tax-free rollover basis by creating exchangeable shares in the newly-formed Legg Mason Canada. The shares are to be exchanged at a ratio of 0.387 for each share of Perigee, subject to price collars.

Holders of the exchangeables can trade them for a common Legg Mason share at any time, or they will convert automatically in 15 years. Legg Mason trades on the New York Stock Exchange.