Cork-based Musgrave Group yesterday evening won overwhelming support from Londis shareholders in Britain for its offer to acquire the company.
In a vote at an EGM in Birmingham, 97% of the shareholders gave their approval for the acquisition which will cost Musgrave £60m sterling or €90m.
The acquisition will make Musgrave Group the largest wholesaler in the UK and is still subject to High Court approval there. A hearing is expected in around three weeks time.
Musgrave will now will support 227 Budgens stores, 104 Supervalu and Centra stores in Northern Ireland and 2,100 Londis stores in the UK.
'We always believed that our proposal combined a full and fair price with a perfect strategic fit for the Londis GB retailers,' commented Musgrave's Group Managing Director Seamus Scally.
Musgrave will pay £60m sterling for Londis GB with each shareholder receiving £31,645. Half of that will be paid immediately, and the other half in a year's time provided they maintain a trading account with Musgrave Group.
Londis had said the offer from Musgrave had not been the highest on the table, but would be the best deal for shopkeepers in terms of future trading arrangements.
