The Coca-Cola Amatil Ltd (ASX: CCL) share price is pushing higher on Friday after releasing an update on its takeover approach.
At the time of writing, the beverage company’s shares are up almost 0.5% to $13.47.
What did Coca-Cola Amatil announce?
This afternoon Coca-Cola Amatil revealed that the Supreme Court of New South Wales has approved the convening of a scheme meeting.
At this scheme meeting, independent shareholders will be able to consider and vote on the company’s proposed acquisition by Coca-Cola European Partners (CCEP).
This follows the receipt of a $13.50 cash per share offer from CCEP in February, which was increased from a previous offer of $12.75 per share in November.
According to today’s release, shareholders will now have an opportunity to vote on the proposal next month. The company has announced that its scheme meeting will be held at 10am on 16 April.
What now?
The Supreme Court has also approved the distribution of an explanatory statement providing information about the scheme to independent shareholders. This will include a scheme booklet and also a copy of the independent expert’s report.
The Coca-Cola Amatil Independent Directors’ and Group Managing Director’s recommendation is that shareholders should vote in favour of the scheme.
They commented: “In the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is fair and reasonable and in the best interests of Independent Shareholders: the Amatil Related Party Committee continues to unanimously recommend that Independent Shareholders vote in favour of the Scheme; and the Amatil Group Managing Director, Ms Alison Watkins, also continues to recommend that Independent Shareholders vote in favour of the Scheme.”
Each Coca-Cola Amatil Related Party Committee Member and Ms Watkins intend to vote the shares they own or control in favour of the scheme.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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