A month after it was revealed that Vermeg Group NV wants to snap up Lombard Risk Management for 13 pence per share, the latter’s shareholders have given their blessing for the “fair and reasonable” takeover. A report by Alliance News said shareholders voted 99.95% in favour of the buyout.
It added that shares of the regulatory reporting and collateral management solutions firm were up 0.5% on Friday – the same day the shareholder meeting took place – at 12.78 pence each. Prior to the announcement in January, the share price was at 6.55 pence, or about half of Vermeg’s offer.
“In reaching the decision to recommend this offer, the Lombard Risk board has considered in detail the best interests of all stakeholders and the company as a whole,” said Lombard chair Philip Crawford at the time. “We believe that Vermeg’s all-cash offer provides shareholders with certainty of value at a level in excess of the risk adjusted prospects of Lombard Risk on a standalone basis.”
When the takeover is completed, Lombard will continue to operate as is, under its current management.
