Fyyfes (FFY) shareholders have overwhelmingly approved the €751m (£660m) takeover bid from Japanese food group Sumitomo Corporation.
An almost unanimous 99.9% of investors backed the deal at a specially convened shareholders meeting in Dublin today.
Executive chairman David McCann told investors the deal should be finalised in February, subject to the necessarily regulatory approvals.
In December when the Fyffes board announced it had accepted the €2.23 per Fyffes share bid from Sumitomo, McCann described the partnership as a “compelling proposition” for its shareholders.
The Japanese company’s offer represented a premium of 49% on the €1.50 closing price of Fyffes before news of the bid emerged, and a 53% increase to the average share value in the past month.
It was also 37% higher than Fyffes’ previous all-time high share price of €1.62 earlier in 2016 when it acquired mushroom business Highline Produce.
Fyffes will continue to be domiciled in Dublin and run as a separate business unit to Sumitomo’s other operation.
No comments yet