TORONTO -- Indigo Books & Music Inc. shareholders have voted to approve a deal that will see the retailer become a private company.

The offer of $2.50 per share comes from Trilogy Retail Holdings Inc. and Trilogy Investments L.P., which have a 56 per cent stake in Indigo and are owned by Gerald Schwartz, the spouse of Indigo chief executive Heather Reisman.

The Trilogy companies originally offered $2.25 per share but raised their bid in April.

For the offer to be accepted, it required approval by a two-thirds majority vote by Indigo shareholders and a simple majority vote by shareholders not linked to Trilogy and its affiliates.

The deal was supported by a special committee of independent directors Indigo formed to assess the deal and received approval from the Ontario Superior Court of Justice last month.

Indigo has said it expects the transaction to close in June and its shares to be delisted from the Toronto Stock Exchange sometime after.

This report by The Canadian Press was first published May 27, 2024.