itX shareholders approve takeover by Avnet

Shareholders in IT product and services provider itX Group (ASX:ITX) have overwhelmingly voted in favour of an acquisition by Avnet Technology Solutions.

Investors holding 99.32% of itX shares elected to endorse the $1.55 per share offer from Avnet.

The proposed deal also grants itX the discretion to declare an up to $0.20 per share special dividend - a condition which shareholders also approved.

The companies will now seek court and ASIC approval for the merger, which if granted is expected to close on 4 January.

If the courts endorse the scheme behind the merger, itX shares will be suspended from trading on 3 December.

itX shares closed on Monday unchanged at $1.530. The offer represented a 24% premium on the company's closing share price of $1.25 one day before Avnet's initial interest was announced.