MID Shareholders OK Deal With Stronach

MI Developments shareholders approved a stock-for-assets swap March 29.

Shareholders of MI Developments voted March 29 to end the company’s “dual class share” structure and turn its racing-related holdings over to chairman Frank Stronach.

The deal was approved by 98.8% of the combined Class A and Class B voting shares; 99.91% by Class B shares only; 86.33% of votes cast by minority holders of Class A shares; and 99.65% of minority holders of Class B shares, MID reported in a release.

The arrangement is subject to approval by the Ontario, Canada, Superior Court of Justice a hearing scheduled for March 31, and “certain other conditions” by June 30.

MID owns Santa Anita Park; Golden Gate Fields; Gulfstream Park, including an interest in The Village at Gulfstream Park, a joint venture with Forest City Enterprises Inc.; an interest in joint ventures in the Maryland Jockey Club with Penn National Gaming Inc.; Portland Meadows; AmTote; and XpressBet.com.