KUALA LUMPUR (Nov 21): IGB Corp Bhd shareholders today gave a resounding 'yes' to Goldis Bhd’s takeover, and will pick one of three options offered by the latter that values IGB at RM3 apiece.

After two and a half hours of a High Court-convened meeting in the group’s Midvalley City property, the voting results showed that holders of 176.56 million shares representing 99.34% votes were in favour of Goldis’ bid.

“It is a positive response for Goldis. It is good. I am very happy,” said Goldis non-executive chairman and chief executive officer Tan Lei Cheng to reporters at the end of the polling session.

Following the results, Goldis chief investment officer Colin Ng said the group would form an integration committee to oversee the takeover, and expects business to run as normal.

On Feb 23, Goldis Bhd — the single largest shareholder of IGB with a 73.43% stake — proposed to acquire the rest of the shares it does not already own at RM3 per share. Its first takeover bid was made in 2014.

Shareholders can choose to be compensated in three ways — 100% in cash (Option 1); 30% in cash and 70% in Goldis shares (Option 2); and 20% in cash and 80% in new redeemable convertible preference shares (RCPS) in Goldis (Option 3).

The RCPS have a tenure of seven years and carry a cumulative preferential dividend of 4.3% per annum.

IGB share price was up three sen or 1.05% at RM2.88 for a market capitalisation of RM3.84 billion while Goldis shares settled unchanged at RM2.94, valuing it at RM1.78 billion.