Shareholders have overwhelmingly voted to sell outdoor advertising specialist QMS Media to Shelley BidCo Pty Ltd, an entity controlled by Quadrant Private Equity, with the Federal Court of Australia also approving the scheme.
Quadrant made the offer to QMS Media directors in an unsolicited approach last October offering shareholders $1.22 per share to purchase 100 per cent of the outdoor advertising company, which it valued at just over $420 million.
QMS Media operates in Australia and New Zealand and specialises in both digital and static outdoor billboards and was founded 30 years ago by current chief executive officer Barclay Nettlefold.
Nettlefold will be staying on with QMS Media post-takeover.
In a statement to the Australian Securities Exchange last week, QMS Media said 96.62 per cent of shareholders present at Thursday’s meeting in person or by proxy voted in favour of the scheme with 99.98 per cent of votes cast favouring the General Scheme Resolution.
For the rollover shareholders scheme meeting, 100 per cent of shareholders present voted in favour of the resolution.
QMS also says the Federal Court of Australia has approved the proposed scheme with the court orders to be presented to the Australian Securities and Investment Commission on Tuesday.
“QMS expects to lodge a copy of the court orders approving the scheme with the Australian Securities and Investment Commission on Tuesday 11 February 2020, at which time the scheme will be come legally effective,” QMS Media said in a statement to the ASX.
Payment and issue of the scheme is expected to be made on Friday February 21.
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