With shareholder approval now formally secured, the takeover of Redrow by rival house-builder Barratt Developments is expected to complete later this year.
At separate meetings yesterday (15th May), Barratt shareholders voted 99.82% in favour of the deal and Redrow鈥檚 by an even more overwhelming 99.92%.
Under the terms of the deal agreed by the boards of the two companies in February, Barratt shareholders will get 67.2% of the combined group and Redrow shareholders will get 32.8%. The deal prices Redrow at 拢2,524m.
As previously reported, the combined group will be renamed Barratt Redrow plc, with aggregate revenue in financial year 2013 of 拢7,448m, delivering total completions of 22,642. Redrow will become a third brand and division of the group, alongside Barratt Homes and David Wilson Homes.
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