Later living developer McCarthy & Stone is to be sold to US private equity group Lone Star after shareholders backed an improved takeover offer.
Lone Star upped its bid of £1.15 per share made in October to £1.20, which values McCarthy & Stone at £647m.
In a statement, McCarthy & Stone said 79.94 per cent of its shareholders approved at a company general meeting the improved offer that had been recommended by directors.
The £1.20 per share offer represented a 44.6 per cent premium to the £0.83 closing price of McCarthy & Stone shares as of 22 October, the last business day before the start of the offer period.
The sale of McCarthy & Stone will see the business de-listed from the London stock exchange early next year.
The so-called long stop date by which time the takeover must be completed is 28 February 2021.
McCarthy & Stone said last month its annual revenue up to 31 October had reduced 73 per cent year to year to £197m amid the Covid-19 pandemic.
