Shareholders of pet-care group Greencross have voted overwhelmingly to supportthe proposed acquisition by private investment firm TPG.

98.81 per cent of proxy shareholders voted in favour of the schemearrangement, while only 0.32 per cent voting against. Final results are to berevealed on the ASX, though the outcome is not expected to change.

Immediately following the shareholder meeting, shares in Greencross spiked0.54 per cent to 5.54 cents per share, up from 5.1 cents per share the dayprior.

Previously, the Greencross board had unanimously recommended shareholders votein favour of the arrangement, which will see 100 per cent of the businessacquired, and afford shareholders $5.55 per share – implying an equity valueof $675 million.

These figures are below those of a previous take over made by TPG in 2016,which offered shareholders $6.45 per share, or $736 million, which thebusiness turned down on the basis it “fundamentally undervalues Greencross.”

TPG’s head of Australia and New Zealand Joel Thickens has previously said theinvestment firm is confident the pet-care group will continue to grow underprivate ownership.

Source: Inside Retail Australia

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