(Alliance News) - McCarthy & Stone PLC on Tuesday said its shareholders had approved a GBP647 million cash takeover bid from Mastiff Bidco Ltd, 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 were down 0.2% at 119.60p in London on Tuesday morning.
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; annafarley@alliancenews.com
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