8th Aug 2016 15:37
LONDON (Alliance News) - Hydro International PLC on Monday said its shareholders voted in favour of the company's proposed takeover by asset manager Hanover Investments Management LLP at a court meeting held earlier in the day.
Of those who voted, around 97% of the storm water and waste water management company's shareholders approved the scheme of arrangement by way of which Hanover is looking to purchase Hydro International.
In total, 59% of Hydro's shareholders voted at the court meeting.
Completion of the takeover remains subject to the satisfaction or waiver of other conditions laid out in the scheme document, including the UK Competition & Markets Authority's acceptance of the takeover and all necessary filings being made, Hydro said. If all the conditions are met, the acquisition is expected to take place in mid-August.
Shares in Hydro were up 0.5% at 191.00 pence at the close Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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