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Greencross shareholders back TPG takeover

Greencross shareholders have approved a $675 million takeover bid from US private equity firm TPG Capital.

A seriously ill puppy who has been saved by a vet.

Greencross shareholders have approved a $675m takeover bid from US private equity firm TPG Capital. (AAP)

Directors of the vet clinic operator and Pet Barn owner had unanimously recommended investors approve the $5.55 per share offer received from TPG in November.

The scheme of arrangement was approved by 91.36 per cent of shareholders, with 8.64 against.

Greencross will now seek orders from the Federal Court of Australia for approval of the scheme at a hearing that has been scheduled for Monday, when shares will be suspended from trading.

Shares in the company were trading 0.64 per cent higher at $5.545 at 1508 AEDT.

Greencross stock had fallen 65 per cent between August 2014 and September last year, but lifted on receival of the TPG offer.

Net profit for the year to July 1 was down 50.9 per cent to $20.66 million as a result of a previously flagged $22.8 million in impairments.

The company had been expanding its integrated model of having veterinary clinics in its retail pet stores.


1 min read

Published

Source: AAP


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