Trade Me Group shareholders overwhelmingly voted in favour of a $2.56 billion takeover by UK private equity firm Apax Partners, locking in an annual total return of almost 18 per cent since its 2011 initial public offering.
The $6.45 a share offer attracted more than 99 per cent support, and 66 per cent of issued stock was cast, hitting both thresholds needed in the deal's scheme of arrangement structure.
The scheme requires 75 per cent support and at least half the company's votes cast, as opposed to the 90 per cent threshold of acceptances needed in a formal takeover to trigger compulsory mop-up provisions.
Chair David Kirk presided over a 32-minute special meeting in Wellington, with 20 or so shareholders in attendance and another 30 taking part online. He fielded just one question in the room and one other from the virtual audience. The company has about 9,060 shareholders.
Kirk reiterated the board's unanimous support for the deal, which was north of independent adviser Grant Samuel's valuation of $5.93-6.39 a share, saying shareholders had to decide whether they preferred cash now or wanted to keep their shares in the hope or expectation that they'd accrue more value over time.