(Alliance News) - Applegreen PLC on Tuesday said the Irish High Court issued an order on Monday to convene shareholder meetings to approve the EUR718.1 million takeover of Applegreen by its founders, working with US private equity firm Blackstone.
Applegreen, which operates petrol stations and motorway stops in Ireland, the UK and the US, agreed last month to a takeover offer made by the Causeway Consortium, a company owned by Blackstone Infrastructure Partners, managed by Blackstone Group Inc, and B&J Holdings Ltd in December.
B&J is wholly owned by Applegreen founders Robert Etchingham and Joseph Barrett, and already owns 41% of Applegreen.
Applegreen shareholders will be able to vote on the takeover at court and general meetings on February 17, with the acquisition conditional on gaining at least 75% in shareholder approval at both meetings, as well as being sanctioned by the High Court of Ireland.
Under the acquisition's terms, Causeway will acquire Applegreen for EUR5.75 in cash, a 48% premium to the stock's closing price of EUR3.88 on December 9, which was the last business day before the publication of the possible offer announcement.
Shares in Applegreen were up 0.9% at 509.50 pence in London on Tuesday.
"The business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where the group can benefit from the experience and capital of Blackstone as its partner, whilst maintaining the management and wider team which have driven the business forward to date," said Chair Daniel Kitchen in December.
Applegreen expects the acquisition to be completed in March.
By Zoe Wickens; zoewickens@alliancenews.com
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