Allco Finance Group's (AFG) takeover offer for property investment business Rubicon Holdings Ltd has received Allco shareholder approval on Tuesday.
Close to 70 million votes were received in the favour of the offer in comparison with 20 million votes against.
Deputy chairman David Clarke advised the extraordinary general meeting "The Rubicon represents a natural progression of Allco's business plan, in particular capitalising on the opportunities emerging in the real estate sector around the world".
On 23 October, Allco announced it had entered into an agreement to acquire the 79.6% shareholding in Rubicon Holdings (Aust) Limited which Allco does not already own – subject to shareholder approval.
After the original offer was deemed too generous by Allco shareholders, it was revised on 7th December.
Clarke said: "The revised terms of the transactions that we announced, reflect our earners efforts to assure shareholders we have been listening to their concerns in relation to the price."
Under the revised terms, Allco will pay a cash amount of $63.69 million, and ahdn the issue by Allco to the vendors of 19.73 million new Allco ordinary shares.
"This means the value of the total upfront consideration at the 6 December share price has decreased by approximately 12% compared with the value as at 6 december of the original terms announced on 23 October 2007," Clarke said.
Allco shares gained 4 cents to close at $7.82.
