The $1.62 billion proposal was put to a sparsely attended shareholder meeting. Photo: 123RF
The sometimes contentious takeover of mobile donations company Pushpay Holdings looks to be a done deal, after seeming to get the necessary shareholder approval on Thursday morning.
The $1.62 billion proposal was put to a sparsely attended shareholder meeting, with barely a comment made or question asked beyond the formalities in the 20 minutes it lasted.
A public revolt by a handful of investment funds killed the first offer from Pushpay's two biggest shareholders, leading to an increased offer of $1.42 a share, up from $1.34.
Pushpay chair Graham Shaw, who along with other independent directors had backed the original lower offer, said the market has worked.
"It's been up to shareholders themselves to decide whether to accept the offer on the table or not.
"This process has been a great demonstration of shareholder democracy in action with the final decision, as it should be, in the hands of the people who own the company," Shaw said, repeating words used when the original offer was voted down.
The offer needed to pass two voting thresholds: 50 percent of all the company's shares and 75 percent of shareholders other than the bidders, and proxy votes received beforehand showed 93 percent approval.
Shaw said the deal should be completed by the end of next month after which Pushpay - once an NZX hot stock - would be delisted.