22nd Nov 2019 16:32
(Alliance News) - Charles Taylor PLC said Friday its shareholders voted in favour of its GBP285 million takeover by US private equity firm Lovell Minnick Partners LLC, at both its court meeting and general meeting.
Earlier in November, Lovell offered 345 pence for each share in Charles Taylor, reflecting a premium of 9.5% to the original offer price of 315p, and 47% to the closing price of the day before the original offer was announced at 235p.
The acquisition is now conditional on the scheme being sanctioned by the court at a hearing. Although Charles Taylor did not disclose when the court hearing would be, the company said it expects the acquisition to be completed in early 2020.
Shares in the insurer - which is headquartered in London - closed down 0.3% at 344.00 pence on Friday.
By Dayo Laniyan; [email protected]
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