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Canadian specialised acquisition firm Gibraltar Growth Corp (TSX: GBG.A-WT) has got a majority ‘thumbs up’ from investors regarding the takeover of LXR Produits de Luxe International Inc, a Montréal-based retailer of branded vintage luxury handbags and accessories.

The deal was first announced in April and reflects a purchase price of 82.5 million dollars. As a result of the acquisition, expected to close in June, LXR will become a publicly-listed company led by its founders, Fred Mannella and Kei Izawa.

The deal has arisen quite a deal of interest amongst the investment community as is fully funded and supported by more than half of its shareholders.

On Thursday, Gibraltar Growth Corporation announced that “based on proxies received to date, representing a majority of the shares eligible to vote, shareholders have given strong support for its qualifying acquisition, consisting of the acquisition of LXR Produits de Luxe Internationale Inc. (LXR).”

The Corporation has to date received proxies representing approximately 89 percent of its issued and outstanding Class A Restricted Voting Shares and Class B Shares, with over 83 percent of the votes cast in favour of approving the Qualifying Acquisition.

Shareholders holding approximately 97 percent of the Corporation's Class A Restricted Voting Shares have elected to redeem their shares. The remaining Class A Restricted Voting Shares will be converted into Class B Shares on closing of the Qualifying Acquisition.

It’s worth recalling that the Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Class B Shares of the Corporation following closing of the Qualifying Acquisition subject to the satisfaction of certain conditions, including that the Corporation meets the public distribution requirements of the TSX within 90 days of closing.

Goodmans LLP is acting as legal counsel to the Corporation, and Canaccord Genuity Corp. is acting as exclusive financial adviser to the Corporation and sole agent on the Corporation's 25 million dollars private placement, which is expected to close concurrently with the Qualifying Acquisition.

Mannella Gauthier Tamaro, Avocats Inc. is acting as legal counsel to LXR. Stikeman Elliott LLP is acting as legal counsel to Canaccord Genuity Corp.