Coles Group Limited shareholders today voted “overwhelmingly” in favour of a
Scheme of Arrangement which proposed that Wesfarmers Limited would acquire the Coles Group, according to the results of a gathering of the Board and investors today in Victoria.
Subject to approval from the Supreme Court of Victoria on 9 November, Coles Group will make a further announcement after the Court has considered the matter and, if the Scheme is approved, ourt approves the Scheme, Coles Group shares will be suspended from close of trading on the ASX on the same day.
The Scheme proposed that investors would receive for each Coles Group share $4 cash, along with 0.14215 Wesfarmers’ Ordinary Shares and 0.14215 Wesfarmers’ Partially Protected Shares.
Today’s resolution that Wesfarmers should buy-out Coles was cast by 99.25 per cent of voters with 97.83 per cent of shareholders voting, either in person or by proxy.