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UK: Micro Focus’ $8.8bn software acquisition approved by investors

By  |  May 28, 2017

Micro Focus shareholders have overwhelmingly approved the British technology company’s acquisition of HP Enterprise’s software business, a deal that has propelled the Newbury-based group into the FTSE 100.

The approval for the $8.8bn deal comes only weeks after Micro Focus issued a damaging warning on its growth prospects because of a slowdown in sales at the former Hewlett-Packard assets. The investor meeting, held near St Pauls in London, was attended by only one shareholder.

Approval for the multibillion merger and a $500m return of cash to shareholders was passed without objection in less than 10 minutes.

The deal is the third-largest by a British company since the vote to leave the EU last summer, following the BAT-Reynolds buyout and Reckitt Benckiser’s agreed $18bn takeover of Mead Johnson.

Full Content: The Times

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