8th Sep 2022 15:50
(Alliance News) - Euromoney Institutional Investor PLC on Thursday announced that its shareholders have voted in favour of the company's acquisition by Becketts Bidco Ltd.
The London-based global B2B information-services business needed a majority of 75% of shareholders to vote in favour of the takeover for it to go ahead.
In the court meeting 415 scheme shareholders voted in favour while 34 voted against representing a 92% majority. In the general meeting 66,247,589 shares voted in favour and 7,371,449 voted against, a majority of 90%.
Euromoney had accepted a GBP1.61 billion takeover bid from Becketts Bidco back in July. Becketts Bidco is a consortium of Luxembourg-based private equity firm Astorg Asset Management and London-based private equity firm Epiris LLP.
The scheme still remains to be sanctioned by the court at a hearing expected to take place in the fourth quarter of 2022. If the scheme receives the sanction of the court then it is expected to become effective before the end of the year.
Becketts Bidco will pay 1,461 pence per Euromoney share, a 34% premium on Euromoney's "undisturbed" stock price of 1,094p on June 17, the final trading day before Euromoney confirmed the takeover approach on June 20.
Shares in Euromoney were trading 0.3% higher at 1,450.00 pence each on Thursday afternoon.
By Chris Dorrell; [email protected]
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