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LONDON - Marlowe PLC shareholders have voted overwhelmingly in favor of the company’s acquisition by Mitie Treasury Management Limited, a wholly owned subsidiary of Mitie Group (LON:MTO) PLC, according to a statement released Wednesday.
At meetings held on Wednesday, 97.7% of Marlowe’s voting shares supported the scheme of arrangement, with 90.36% of voting shareholders backing the deal. The acquisition, first announced on June 5, will be executed through a cash and share offer.
The transaction received a key regulatory milestone as the Competition and Markets Authority confirmed it requires no further information regarding the acquisition at this stage and has not opened a merger investigation.
The deal still requires clearance under the National Security and Investment Act 2021 and court sanction, which is expected in late July 2025.
If all remaining conditions are met, the scheme is expected to become effective on August 4, with Marlowe shares being suspended from trading on AIM by 7:30 a.m. on that day and delisted the following day.
New Mitie shares are scheduled to be issued to Marlowe shareholders by 8:00 a.m. on August 5, with trading of these shares on the London Stock Exchange (LON:LSEG) commencing at the same time.
The acquisition represents a significant consolidation in the UK business services sector, bringing together two companies with complementary service offerings.
According to the voting results, a small minority of 2.3% of scheme shares voted against the transaction, representing 8 shareholders or 9.64% of those who voted.
The long stop date for completing the transaction has been set for December 31, 2025, although this may be extended if agreed by both companies and approved by relevant authorities.
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