Minority shareholders in Israeli foodmaker Osem approved Swiss food giant Nestle’s buyout offer, paving the way for completion of the deal.
Osem in a statement to the Tel Aviv Stock Exchange on Thursday did not provide further details.
Nestle last month offered 3.3 billion shekels ($857 million), or 82.5 shekels per share, for the Osem shares it does not own in a deal valuing the company at 9.13 billion shekels.
Nestle already owns 63.7 percent of the company, while institutions hold 7 percent.
Ahead of the vote, Israeli consultancy Entropy – whose clients are institutional investors – said the valuation Nestle offered is too low and less than other purchases by Nestle in recent years. Osem, Israel’s third-largest foodmaker, rejected the argument, saying the terms were fair.
By Steven Scheer
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