Metlifecare's investors have approved a controversial planned takeover of two other retirement home operators just hours after the listed company revised its deal for a third time.
It had said the previous agreement to buy Vision Senior Living and Private Life Care was compelling, but some key institutional investors had remained unconvinced.
Negotiations between Metlifecare and investors to hammer out a deal continued into Wednesday night.
The company has now cancelled a $15 million capital raising, reduced the scrip offer from 13 million shares to 10 million shares, and Vision will receive fewer shares than previously proposed, while Metlifecare will now sell properties and appoint two new independent directors.
Metlifecare's managing director, Alan Edwards says he's pleased 80 percent of those who voted back the merger, which he says will boost the company's growth.
AMP Capital Investors deputy head of equities, John Phipps, says the new deal ensures investors are better off.