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LONDON - H&T Group (LON:HTGR) PLC shareholders have approved the company’s acquisition by Chess Bidco Limited, an indirect wholly-owned subsidiary of FirstCash (NASDAQ:FCFS) Holdings, Inc., according to a statement released Wednesday.
At meetings held on July 2, H&T shareholders voted overwhelmingly in favor of the recommended cash acquisition, with 99.29% of votes cast supporting the scheme of arrangement at the Court Meeting and 99.50% backing the resolution at the General Meeting.
The acquisition, first announced on May 14, will see Chess Bidco acquire the entire issued and to be issued share capital of H&T. The deal is being implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The scheme received approval from a majority of shareholders representing not less than 75% in value of the shares voted. At the Court Meeting, 46 shareholders representing 21,167,899 shares voted in favor, while nine shareholders with 150,862 shares voted against.
Despite securing shareholder approval, the acquisition remains subject to several conditions, including sanction by the Court at the Court Sanction Hearing and satisfaction of the FCA Change in Control Condition.
FirstCash has stated that the financial terms of the acquisition are final and will not be increased or improved, except in specific circumstances such as a competing offer from a third party or with consent from the Panel.
The scheme is expected to become effective in the second half of 2025, subject to meeting all remaining conditions.
Based on a press release statement, the acquisition represents a significant development for both H&T Group, a UK-based financial services provider, and FirstCash Holdings, which is expanding its presence in the UK market.
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