Opus’ main shareholder UEM Edgenta has voted in favour of the takeover by WSP.
The announcement was made at an UEM Edgenta extraordinary general meeting where its shareholders approved the sale of its 61.2% stake in Opus to WSP.
Plans to take over the New Zealand based consultancy were announced in August this year and would see WSP pay $1.78 (£1.06) per share for the company.
Opus International was the winner of the NCE100 awards in 2016 and the new combined company would have 7,640 employees in the UK and £474M (C$762M) in net revenues. Opus has expertise in transportation, asset management and building sectors.
The offer from WSP will remain open until 23.59 on 27 November 2017 unless extended.
Currently, the proportion of Opus shares either under lock up agreements or already tendered as part of WSP’s offer now amounts to 88.95%. Once WSP holds or controls 90% or more of the shares of OIC, it said it would exercise its statutory right to acquire the remaining shares.
“As we get closer to the expected closing date of the transaction, this vote confirms that investors recognize the merits of our proposal and see the value in this transaction, both for them and for Opus employees and clients,” said WSP president and chief executive Alexandre L’Heureux. “We are looking forward to getting to the finish line and welcoming our new colleagues to the team”.
Completion of the transaction remains subject to the consent of the Overseas Investment Office to WSP’s application filed on 22 August 2017.