24th Oct 2016 11:21
LONDON (Alliance News) - Shanks Group PLC on Monday said its shareholders approved its proposed merger with Netherlands-based waste collection and recycling company Van Gansewinkel Groep BV.
At the general meeting held on Monday morning, 99.94% of Shanks shareholders who voted did so in favour of the deal, equal to 313.1 million shares of Shanks' total of 398.2 million.
Waste management company Shanks first announced it had entered into merger talks with Van Gansewinkel in July for a deal which would value the Dutch company at EUR440.0 million.
However, last month, Shanks said the implied headline value of Van Gansewinkel had increased to EUR484.0 million alongside the appreciation of the Shanks share price.
New terms were then agreed between the pair, under which Van Gansewinkel shareholders would get EUR286.0 million in cash, around GBP141.0 million of which will be financed through an issue of Shanks shares.
Shanks also will issue around 190.0 million new Shanks shares to Van Gansewinkel shareholders, which at Shanks' current share price would be equal to GBP213.8 million or EUR240.2 million. This would represent around 23.8% of Shanks's enlarged share capital, it had said at the time.
Shares in Shanks were down 0.2% at 112.50 pence on Monday morning.
Earlier this month, Van Gansewinkel shareholders approved the merger, but the deal still remains conditional upon anti-trust clearance.
By Hannah Boland; [email protected]; @Hannaheboland
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