APN Shareholders Vote Yes On JCDecaux Bid As Warburton Rumoured Exit Imminent
APN Outdoor shareholders have voted in favour of the JCDecaux acquisition in a meeting this morning.
The shareholders were invited to approve of the acquisition, ‘scheme arrangement’, proposed between APN Outdoor and its shareholders set out in the scheme booklet.
APN Outdoor Group independent non-executive director Lisa Chung, who chaired the meeting, said: “The purpose of this scheme meeting is to consider, and if thought fit, to approve the scheme arrangement proposed between APN Outdoor and APN Outdoor 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.
As part of the meeting, shareholders were asked to vote on a scheme resolution in relation to the proposed transaction which requires their approval for it to proceed.
As per the release: “APN Outdoor is pleased to announce that at the shareholders meeting held earlier today, shareholders approved by the requisite majorities the scheme arrangement under which JCDecaux SA, via its wholly owned subsidiary JCDecaux ANZ, will acquire 100 per cent of the issued share capital of APN Outdoor (scheme).”
Meanwhile, B&T understands APN Outdoor CEO James Warburton will be leaving the company this week as JCDecaux CEO Steve O’Connor will be heading up the merged business.
Warburton has been in the position since January, with some speculating he was specifically brought into the company to fatten it up for sale.
B&T has contacted APN Outdoor for comment.
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