J-POWER’s acquisition of Genex gets approval from proxy votes

Over 80% said they were in favour of the takeover.

Genex Power Limited recently conducted a scheme meeting wherein majority of proxy votes approved the $257.56m buyout of Japan’s Electric Power Development Co (J-POWER), the former said in a regulatory filing. 

According to the presentation during the meeting, Genex said 83.54% voted in favour of the transaction. The acquisition needs to be approved by at least 75% of the votes cast by eligible shareholders on the scheme resolution.

The Foreign Investment Review Board earlier approved the proposed acquisition by JPGA Partners Pty Ltd, which is a subsidiary of J-POWER.

J-POWER, which currency owns 7.7% of Genex, has offered $0.19 (A$0.275) per Genex share.

According to the scheme’s timetable, the court’s approval of the scheme will be sought on 19 July, whilst the implementation date is expected to be on 31 July. 

$1 = A$1.48