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Court clears Keycorp to hold vote on takeover bid

Court clears Keycorp to hold vote on takeover bid

Electronic transaction solution provider Keycorp (ASX:KYC) has been granted court approval to hold a meeting to vote on the acquisition of the company by Archer Capital.

Victoria's supreme court cleared Keycorp to hold the meeting to vote on the $0.58 per share offer, which the board unanimously supports in the absence of a superior proposal.

The meeting will be held on November 19 in Melbourne. An independent expert had assessed the value of Keycorp shares at between $0.54 and $0.55 per share.

KYC shares are today trading unchanged at $0.570.

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Tags archer capitale-commerceKeycorpMergers and acquisitions

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