(Alliance News) - Cobham PLC on Monday said its shareholders approved of the GBP4 billion cash offer from an indirect subsidiary of US private equity firm Advent International Corp.
The approval comes less than a week after Sanderson Asset Management, the 11th largest shareholder of the company, said it planned to vote against the takeover offer.
Nadine Cobham, who owns a 1.5% stake in the FTSE 100-listed firm, also criticised the the takeover bid, calling on UK Defence Secretary Ben Wallace and Business Secretary Andrea Leadsom to intervene.
AI Convoy Bidco, the subsidiary in question, in July agreed to pay 165 pence in cash per Cobham share.
Shares in the company were 1.0% higher at 161.30 pence each in London on Monday morning.
The firm said 93% of its shareholders approved the AI Convoy bid, which Cobham said remains subject to sanctioning from a court during a hearing.
Cobham expects the hearing to take place before the end of 2019.
