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LONDON - Unite Group PLC’s proposed acquisition of Empiric Student Property PLC received shareholder approval at court and general meetings held Monday, marking a key milestone in the recommended cash and share offer.
At the court meeting, 70.69% of Empiric’s voting shareholders, representing 86.44% of the scheme shares voted, approved the acquisition. The general meeting saw 86.41% of votes cast in favor of implementing the scheme, which includes amending Empiric’s articles of association.
The acquisition, first announced on August 14, will see Unite acquire the entire issued and to be issued ordinary share capital of Empiric through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Despite securing shareholder approval, the transaction still requires several additional clearances before completion. The acquisition remains subject to Competition and Markets Authority (CMA) approval and court sanction, with final completion expected in the first half of 2026.
The scheme document containing full details of the acquisition was made available to shareholders on September 9, according to the company’s statement.
Unite Group and Empiric Student Property are both operators in the UK purpose-built student accommodation sector. The combination would create a larger entity in the student housing market.
The announcement did not disclose the financial terms of the transaction. The total number of Empiric shares in issue at the scheme voting record time was 664,188,110.
This article is based on a press release statement from Empiric Student Property PLC.
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