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Dutch staffing firm DPA Group (DPA: NL), which is pursuing a merger with ICT Automatisering, has asked the software developer to convene an extraordinary shareholders meeting regarding ICT’s proposed buy-out of rival firm Brandfort, reports SeeNews Netherlands.
Although ICT is not obliged to hold such a meeting, DPA, which owns 20.4% of the company, wants shareholders to vote on the transaction and its financial terms.
Should the shareholders vote against the proposed take-over of Brandfort, DPA is prepared to renew its offer for ICT at €2 per share in cash and two DPA shares for each ICT unit held. The bid values ICT at €5.23 per share, based on its closing share price on 17 December 2013. ICT’s share price closed at €4.81 on 18 December 2013.
If ICT decides to proceed with Brandfort’s takeover without taking into account the vote of the shareholders, DPA has advised that it will reconsider its position.