DX Group PLC - Slough, England-based parcel delivery company - Says that a proposed acquisition of its entire share capital by HIG Capital LLC has been approved at two meetings held on Tuesday. 79% and 96% of votes were cast in favour of the acquisition at the court and general meetings, respectively.
In November, the company agreed to a cash takeover by Transit Bidco Ltd, a subsidiary of funds managed by HIG, for around GBP314.8 million. According to the deal, DX shareholders will be entitled to receive 48.5 pence per share. The acquisition will be implemented by way of a court-sanctioned arrangement scheme. DX expects the scheme to become effective on January 29, with shares cancelled from admission to trading on the AIM market of the London Stock Exchange on January 30.
Current stock price: 47.15 pence each, up 0.3% in London on Tuesday afternoon.
12-month change: up 65%
By Hugh Cameron, Alliance News reporter
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