16th Sep 2019 18:24
(Alliance News) - BCA Marketplace PLC on Monday said that more than a third of its shareholders rejected the company's remuneration report at its annual general meeting.
The FTSE 250-constituent, which is subject to a GBP1.91 billion takeover bid from BBD Bidco Ltd, said 39% of votes rejected the motion.
BCA said it would be "inappropriate" to comment on the result of the remuneration report vote will the takeover progresses.
BCA added: "Should the acquisition lapse in accordance with its terms, the Remuneration Committee will review the position."
The UK Financial Conduct Authority cleared the acquisition of BCA Marketplace by BBD Bidco earlier in September.
BBD Bidco in June offered 243 pence in cash for each BCA share held, representing a premium of 25% to the closing price on June 19.
Shares in BCA closed broadly flat at 241.90 pence each.