British Vita shareholders vote through TPG deal

Shareholders of British Vita PLC, Manchester, England have voted overwhelmingly in favour of the proposed cash purchase of the company by Texas Pacific Group, Fort Worth, Texas, for EUR668 million. At a court meeting on 16 May, the proposal gained the support of 89% of voting scheme shareholders, representing 99% of shares by value . Around11% of shareholders, though representing only 1.3% of scheme shares by value, voted against the proposal.

The vote enabled Britsh Vita to pass a resolution for TPG to purchase the group at an Extraordinary General Meeting. The acquisition remains subject both to formal clearances both from UK courts and from competition authorities in the EU and the US.