Shareholders have given the green light to the £2.7bn acquisition of British pub chain Greene King by Hong Kong’s richest man.
At an extraordinary general meeting (EGM) 99.38 per cent of CK Asset Holdings shareholders voted to back the deal, with just 0.61 per cent opposing the takeover.
Meanwhile, at a separate meeting 98.73% of Greene King shareholders voted in favour of the acquisition. The deal values Greene King at £4.6bn including net debt, making it the second-biggest UK-inbound deal of the year after Blackstone and the Canada Pension Plan Investment Board made a £6bn move for Merlin Entertainments.
CKA, which announced plans to buy Greene King in August, was founded by 91-year-old Hong Kong tycoon Li Ka-shing and is run by his eldest son, Victor Li Tzar-kuoi. Ka-shing announced plans to retire last year but remains a senior adviser at CK Asset Holdings.
Speaking when the proposed deal was first announced, Nick Mackenzie, chief executive of Greene King, said: “Greene King has a well-invested estate in prime locations, leading brands, a rich history and a talented team of 38,000 people serving millions of customers across the country every week.
“CKA is an experienced UK investor and shares many of Greene King’s business philosophies. They understand the strengths of our business and we welcome their commitment to working with the existing management team, evolving the strategy and investing in the business to ensure its continued long term growth.”