Windlab shareholders back takeover

Australian wind farm development and management firm Windlab Ltd (ASX:WND) said on Friday that 99.61% of its shareholders have supported a takeover by investment vehicle Wind Acquisition 1 Pty Ltd and Squadron Wind Energy Development Pty Ltd.

Back in March, Windlab agreed to the consortium's takeover offer of AUD 1.0 (USD 0.698/EUR 0.616) per share in cash, which represents a 38.9% premium to the company’s closing price on January 17, the day before Windlab said it had received an initial proposal from the consortium.

Wind Acquisition 1 is an investment vehicle of funds managed by Federation Asset Management Holdings Pty Ltd. The Australian private equity firm already owns about 18.7% in Windlab.

Squadron Wind Energy is owned by the Minderoo Group of Companies.

Windlab will seek approval for the deal from the Supreme Court of New South Wales, with a court hearing to take place on June 12. Once approved, the acquisition is expected to close by June 26.

(AUD 1.0 = USD 0.698/EUR 0.616)

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