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The $1.62 billion takeover of mobile donations company Pushpay Holdings looks a formality and set to be rubber stamped at a shareholder meeting at the end of the month.
The company said it had received the necessary High Court approval to vary the takeover offer and had the backing of the investment funds which had opposed the original scheme.
Pushpay's two biggest shareholders increased their offer to $1.42 a share after the first offer of $1.34 failed to get the necessary 75 percent support of the remaining shareholders.
The company said the dissenting investment funds, which held nearly 19 percent of the shares and voted against and defeated the first offer, have accepted the new offer.
The offer needs to pass two voting thresholds: 50 percent of all the company's shares and 75 percent of shareholders other than the bidders.
Pushpay's independent directors were criticised for not fighting hard enough for the best deal first time round, but renewed their full support for the revised offer.
Chair Graham Shaw said the board had tried its best to get the most compelling offer originally.
"Ultimately, however, it has always been up to shareholders themselves to decide whether to accept the offer on the table or not. This process has been a great demonstration of shareholder democracy in action, with the final decision, as it should be, entirely in the hands of those who own the company."
The new meeting to vote on the improved offer will be held on 27 April.
