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In the lead up to the vote, major shareholder Nellore Capital Management LLC criticized the deal's terms as inadequate, whileGlass Lewis & Co. recommended against the takeover, saying the proposed premium is "marginal" at best.

However, Institutional Shareholder Services Inc. encouraged shareholders to vote for the deal, saying the valuation appears "reasonable" and that there are downside risks if the deal isn't approved.

The takeover deal was announced on Jan. 20 and willsee shareholders and their affiliates receive $44.25 in cash per share, while rolling shareholders will nab $39 per share.

When announced, the deal amounted to a 15 per cent premium on the closing share price a day earlier and a 41 per cent premium on its 90-day average.

This report by ºÃÉ«tvwas first published March 23, 2023.

Companies in this story: (TSX:MAGT)