(Alliance News) - Be Heard Group PLC said Wednesday its shareholders have approved the GBP6.2 million takeover by marketing communications group MSQ Partners Ltd.
Be Heard noted over 99% of shareholders voted for the deal, which was first agreed in mid-June.
Under the deal terms, MSQ will acquire the digital marketing services firm for 0.50 pence per share, reflecting an 18% premium to the closing price of 0.43p the day before the deal was announced.
Shares in Be Heard Group closed 0.5% higher at 0.48p on Wednesday in London.
The acquisition was conditional on gaining at least 75% in shareholder approval at the scheme meeting and court meeting, held Wednesday, as well as being sanctioned by the High Court of Justice in England & Wales.
"There is compelling commercial logic in bringing together the two complementary businesses of Be Heard and MSQ Partners. We expect the combined business to be better placed to win more and larger clients both within the United Kingdom and internationally, particularly in North America and South East Asia. Moreover, with the support of LDC, it will have potential access to capital to fund further growth," said Chair David Morrison, when the deal was first announced.
By Paul McGowan; paulmcgowan@alliancenews.com
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