7 Jul 2016

Nuplex Industries takeover set to go ahead

7:19 pm on 7 July 2016

The takeover of Nuplex Industries by Belgian chemical manufacturer Allnex New Zealand is expected to be completed by the end of August, after 98 percent of shareholders voted in favour of the billion-dollar offer.

Allnex's offer of $5.55 a share, which included a 12 cent dividend, was given the nod following a special meeting in Auckland this morning.

While many of the shareholders who attended the meeting voiced their disappointment with the board and the offer, the outcome had already been decided by the proxy votes cast.

The board had already received enough proxy votes in favour of the takeover offer to meet the required 75 percent threshold, representing more than half of the total number of Nuplex shares on issue.

Nuplex chair Peter Springford said he was sympathetic to the comments of the shareholders at this morning's meeting.

"One of the good things about this process is it is democratic. People get to vote. Some clearly were happy and some clearly weren't," he said.

The takeover still has a couple more hurdles to overcome, including regulatory approval from the European Union, followed by the final approval of the High Court.

However, Mr Springford said he was confident Allnex would receive the European Union's approval by early August, with shareholders paid out by the end of August.