The Quebec Court of Appeal has ruled that a $720 million broadcast for cable assets swap between CFCF Inc. and Groupe Videotron has to be approved by two-thirds of cfcf shareholders.

The ruling opens to door to Cogeco Cable, which has made its own $324 million bid to take over cfcf.

The vote will require a simple majority in each class, multiple and single vote, and a two-thirds majority overall. cfcf ceo Adrien Pouliot and his family own 100% of the company’s multiple-voting shares. Following the decision, Pouliot said he was confident shareholders would support the company’s swap strategy.

The latest court ruling should also benefit New York investment house Oppenheimer and Co., which made a speculative purchase of 1.2 million shares last month.

The vote will be held in March.