Autologic shareholders have given their backing to the takeover of the company by Stobart Group.
In June, Stobart agreed to buy the car transport specialist in a deal worth £12.4m. The offer price of 20p per share represented a 74 per cent premium on the price of 11.5p immediately before news of the potential deal broke.
“Autologic is an excellent fit with our group strategy to expand into complementary service offerings and it will facilitate our entry into the auto-logistics market in a leading position,” Stobart chief Andrew Tinkler said.
“We expect to be able to drive substantial synergies and efficiencies from improved fleet utilisation, vehicle buying and maintenance, which will benefit our customers and drive value for our shareholders. We also see opportunities to expand Autologic’s presence in Europe where we have a growing presence.”
The deal required approval by Autologic shareholders at a court meeting and general meeting. The vote for the deal represented more than 99 per cent of the shares that voted. As a result of this, the deal is expected to be completed on 9th August.