Kensington Group shareholders have voted in favour of the offer made by South-African firm Investec at its EGM today.
The meeting saw 178 (97.27 per cent) of scheme shareholders vote in favour of the deal, with just 5 (2.73 per cent) against.
This comes despite rumblings last month that several major shareholders, including former chairman Martin Feingold who owns just under 12 per cent of Kensington, have criticised the sales price.
The £270m price tag is less than half what Kensington was valued at a year ago, which reflects problems it has experienced including several profit warnings.
The completion of the acquisition is likely to occur in August, with a meeting of Kensington’s petition to sanction the scheme to take place on August 7.