TORONTO -- Shareholders of Intier Automotive voted on Wednesday to accept an offer by parent company Magna International to take the auto parts supplier private.
Intier, which makes exterior car parts, said that 75.04 percent of class A shareholders voted in favor of the deal, clearing the way for the takeover to close on April 3.
The Intier vote concludes Magna's bid to absorb its three publicly traded auto parts divisions. Decoma International and Tesma International shareholders have already voted in favor of privatization.
Magna said last year it would spend about C$1.3 billion ($1.04 billion) on the program, which is intended to simplify its corporate structure.