(Alliance News) - Xpediator PLC on Tuesday said a recommended cash offer by DLM Bidco Ltd has been approved by shareholders and the court.
The Braintree, England-based freight management services provider said the offer remains subject to a court sanctioning.
Back in April, Xpediator and DLM Bidco announced an agreement for the entire issued share capital of Xpediator, valued at GBP62.3 million, or 42 pence per share plus a special dividend of 2p per share.
DLM Bidco is a newly incorporated entity which will be owned by funds advised by BaltCap, Cogels Investments and Nuoma IR Kapitalas.
BaltCap is an investor in the Baltic region, and Nuoma is a 20% shareholder of Xpediator's subsidiary Delamode Baltics UAB, as well as Delamode's managing director.
Shares in Xpediator were up 1.2% at 41.50 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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