8th Dec 2020 17:33
(Alliance News) -Â McCarthy & Stone PLC on Tuesday said its takeover has received merger control clearance from the European Commission.
The EU anti-trust condition has therefore been satisfied, the company and Mastiff Bidco Ltd said.
"Completion of the acquisition remains subject to the other outstanding conditions and further terms, including the court sanctioning the scheme at the scheme sanction hearing," McCarthy & Stone said.
Earlier on Tuesday, McCarthy & Stone said its shareholders had approved a GBP647 million cash takeover bid from Mastiff Bidco, a subsidiary of Lone Star Real Estate Fund VI.
On Monday, Mastiff Bidco upped its prior offer of 115 pence per share, that valued the retirement homes developer at GBP630 million, to 120p per share - valuing McCarthy & Stone at approximately GBP647 million.
Shares in McCarthy & Stone closed down 0.2% at 119.60 pence in London on Tuesday.
McCarthy & Stone's directors had unanimously recommended that shareholders vote in favour of the deal.
At the court meting, 86% of scheme shares voted for the acquisition, or 67% as a percentage of issued ordinary share capital entitled to vote on the scheme. At the general meeting, 80% of votes were in favour while 20% were against the deal.
Consequently, the acquisition will go ahead.
By Anna Farley; [email protected]; Updated by Lucy Heming;Â [email protected]
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