Shareholders of labour hire and workforce services provider Skilled Group have voted overwhelmingly in favour of a proposed $652 million takeover by Programmed Maintenance Services.
At a Skilled shareholder meeting on Friday, more than 99 per cent of votes were cast in favour of a resolution to approve a scheme of arrangement to implement the proposed takeover.
If the court approves the scheme, Skilled shares will cease trading on the Australian Securities Exchange at the close of the session on October 1.
Should the takeover proceed, Skilled shareholders will receive a special dividend of 15.5 cents in cash for each Skilled share.
Programmed Maintenance chairman Bruce Brook said combining Skilled and Programming Maintenance would create a stronger, more efficient and more competitive provider of staffing, maintenance and facility management services, serving all sectors of the economy.
"Combining the businesses will enable us to unlock substantial value for both Programmed and Skilled shareholders, and we will be better positioned to take advantage of growth opportunities," Mr Brook said on Friday.
Shares in Skilled were 0.5 cents higher at $1.695 on Friday. Programmed shares were nine cents higher at $2.68.
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