Colorpak shareholders have voted in favour of an acquisition by US company Graphic Packaging which involves 100 per cent ownership of its shares.

The packaging print business revealed plans to sell in January with expectations the deal would close this month, after shares spiked by 30 per cent following the news.

A scheme meeting saw 99.87 per cent of shareholders voting in favour of the proposal, and only a tiny fraction of 0.13 per cent voted against the deal.

The sale will involve the cessation of Colorpak’s shares trading on the ASX by close tomorrow April 12, and shareholders are set to be paid a fully franked interim dividend of $0.0125 per share and special dividend of $0.075 per share.

[Related: Colorpak reveals acquisition plans]

Colorpak’s acquisition will signal the end of the Commins’ ownership which has seen the business owned or partly owned by the family since 1985.

Chief executive Alex Commins and chief financial officer Sid Troiani will remain in their roles and will oversee Graphic’s expansion ambitions in Australia and NZ.

Colorpak and Graphic Packaging have operated as business partners for the past decade through a strategic global packaging alliance to standardise global output for global clients.

Following its launch on the IPO in 2004 Colorpak initiated an acquisition trail involving the takeover of Wadepack in 2005 and Carter Holt Harvey in 2011.

The implementation date of the share acquisition is scheduled for April 29.

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