Roots shareholders approve go-private transaction

TORONTO - Roots Corporation shareholders have approved a private transaction, signaling the apparel retailer's exit from public markets. The vote, while not specifying the exact level of support, indicates a strong backing for the deal led by New York-based brand management firm Marquee Brands. The transaction is set to close in the fourth quarter of the year, pending necessary court and regulatory clearances.

In exchange for their shares, Roots shareholders will receive $4.10 per share. Marquee Brands, which manages renowned labels including Martha Stewart, Laura Ashley, and Roberto Cavalli, will oversee the development, manufacturing, and distribution of Roots clothing across Canadian and U.S. stores. Additionally, the company aims to expand Roots' presence to international markets such as Korea, India, and Mexico.