TORONTO, May 23 /CNW/ - Workbrain Corporation ("Workbrain") (TSX:WB)
announced today that its shareholders approved the acquisition of the issued
and outstanding common shares of Workbrain by 2131365 Ontario Inc., a
subsidiary of Infor Global Solutions European Finance, S.a.R.L., at its Annual
and Special Meeting of Shareholders held this morning. The acquisition will be
by way of a statutory plan of arrangement (the "Arrangement"). Workbrain
shareholders representing more than 60% of all outstanding common shares, and
approximately 99.3% of all votes cast, voted in favour of the Arrangement.
Workbrain did not receive notice from any dissenting shareholders under
section 185 of the Business Corporations Act (Ontario). Under the terms of the
Arrangement, Workbrain shareholders will receive Cdn$12.50 for each common
share.
Workbrain expects to seek final court approval of the Arrangement on
May 25, 2007. The transaction is currently expected to close on or around
June 1, 2007.
About Workbrain
Workbrain provides the most widely deployed web-based workforce
management solution for large enterprises. The company is the only provider of
Total Workforce Management that helps organizations plan, deploy, and manage
their workforce to reduce costs, increase sales, and boost employee
satisfaction. Clients such as British Airways, General Mills, Target
Corporation, and Lifespan choose Workbrain's industry-focused workforce
management solutions to integrate workforce planning, labor forecasting,
workforce scheduling, time and attendance, absence management and workforce
analytics on a single platform. For more information, please visit
www.workbrain.com
For further information: Pat Ladisa, Corporate Communications, (416)
421-6700 extension 2579, pladisa@workbrain.com
