Shareholders of UK-based marcoms group Creston have voted to accept the acquisition offer of fund manager DBAY Advisors.
Announced on 17th November, the deal is for 126.42 pence per share in cash, valuing the group at around £75.8m. The offer was recommended by Creston's Board, and following today's shareholder vote and subject to court sanction, the company is expected to be delisted from the London Stock Exchange on 23rd December.
Creston non-executive directors Nigel Lingwood and Kate Burns will step down from the Board once the offer is effective. At this point, Creston plc will become Creston Ltd and continue to be the parent company of the Unlimited Group, as well as partner to a number of other businesses.
Group CEO Barrie Brien (pictured) comments: 'We're delighted Creston shareholders have voted overwhelmingly to accept the offer and today's vote allows our shareholders to realise value from their investment in cash at an attractive premium. Furthermore, it offers the business, with the support of DBAY Advisors, an exciting opportunity to continue to grow the Unlimited Group as a private company, which we believe is in the best interests of our clients and colleagues'.
Web site: www.creston.com .