The recommendation is included in the company's amended and restated management information circular.
The board support follows the endorsement of the buyout plan by a special committee of the board earlier this year. HBC announced Jan. 3 that a shareholder group headed by executive chairman Richard Baker raised its going-private offer to $11 per share, winning the backing of rival shareholder Catalyst Capital Group, which had opposed an earlier offer of $10.30 per share.
The deal needs at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.
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