The Federal Court of Australia has given JCDecaux’s acquisition of APN Outdoor the green light.
According to a release from APN Outdoor, the Federal Court of Australia has “approved the scheme of arrangement in relation to the JCDecaux transaction”.
It adds: “APN Outdoor confirms that an office copy of the Court orders has been lodged with ASIC pursuant to section 411(10) of the Corporations Act 2001 (Cth) and according to the scheme is now legally effective.
“APN Outdoor shares will cease trading on the Australian Securities Exchange at the close of trade today (18 October).”
The decision follows APN Outdoor shareholders approving the acquisition on Monday.
The shareholders were invited to approve of the acquisition, ‘scheme arrangement’, proposed between APN Outdoor and its shareholders set out in the scheme booklet.
According to an announcement from APN Outdoor, 95.5 per cent of APN Outdoor shareholders present at the meeting voted in favour of the scheme resolution while 99.93 per cent of the votes cast were in favour of the scheme resolution.