LONDON (Alliance News) - Penna Consulting PLC on Monday said the High Court has sanctioned the scheme of arrangement that is being used by Switzerland-based Adecco SA to takeover the company.
"Penna Consulting is pleased to announce that the High Court of England and Wales has today, May 9, made a court order sanctioning the scheme by which the acquisition of Penna by Olsten (UK) Holdings Limited is being implemented," Penna said in a statement.
Adecco, though its Olsten (UK) Holdings Ltd subsidiary, is buying Penna for 365.00 pence per share, in cash.
Shares in Penna were untraded at 360.06p on Monday, having been suspended on April 20.
Penna said it the court order needs to be delivered to the registrar of companies, which is expected to take place on Tuesday, following which the scheme will become effective.
Application has been made by Penna to the London Stock Exchange for its shares to be cancelled from 0700 BST on the business day after the day on which the scheme of arrangement becomes effective. As such, this is expected to take place on Wednesday, Penna said.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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