McCarthy & Stone shareholders have voted in favour of a takeover of the retirement home builder by private equity firm Lone Star.
The vote on the deal, held yesterday, saw almost 80% of votes cast in favour of the takeover, and came after Lone Star increased its offer for the company.
Lone Star had initially struck a deal to buy the business for 115p per share, but ahead of the vote said it had increased the bid to 120p per share, valuing the target at £647m.
In a results statement last month, McCarty & Stone said it expected to face a “difficult” market next year, and that the offer from Lone Star reflected “both the future opportunities and risks facing the business”.
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Image from McCarty & Stone
