Blackline Shareholders Vote Yes to Francisco Partners Buyout

Blackline Safety Corp. shareholders voted to approve the company's acquisition by a Francisco Partners affiliate, passing a vote required to move the take-private forward.

The special resolution cleared the supermajority threshold and a simple majority excluding certain minority holders under Canadian rules. The Court of King's Bench of Alberta issued a final order approving the arrangement shortly after the meeting.

Francisco Partners will pay $9.00 per share in cash at closing, plus a contingent value right worth up to $0.50 per share. The extra payment is not guaranteed. Blackline cautioned in the release that no additional cash may be payable depending on future conditions. Some shareholders will exchange their shares for equity in the buyer entity instead of cash.

The contingent value right creates an open question for investors who hold through closing. The milestones tied to that payment have not been disclosed publicly. Blackline's management circular, filed on SEDAR+, contains the details.

Closing is expected in late June or early July, subject to customary conditions. Blackline did not specify which conditions remain outstanding. The company's market cap sits near C$400 million based on the $9.00 cash component.

Blackline makes wearable safety devices and gas monitors for industrial workers, operating in more than 75 countries. The Francisco Partners deal takes the company private after a period of revenue growth but persistent net losses.

For more on how take-private deals affect minority shareholders, see AlphaScala's approach to stock market analysis.