Braemar shareholders approve takeover offer
5 July 2010 13:06
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The property fund manager said the resolution to approve the acquisition by rival Brooks Macdonald Group was passed at an extraordinary general meeting.
Last month, Braemar agreed to a cash offer of 2.25p/share by Brooks Macdonald to take over the company, which valued Braemar at £4m.
The Hale-based company said in a statement on the London Stock Exchange that the first closing date of the offer is at 1pm on Tuesday 6 July.
AIM-listed Brooks Macdonald Group has a market capitalisation of around £79m. The company employs 160 people in Manchester, London, Hampshire, Tunbridge Wells and Edinburgh.
