Braemar shareholders approve takeover offer

Michael Hunt

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.

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