Advent International Corp.'s planned £4 billion takeover of Cobham PLC is set to receive approval from shareholders of the U.K. defense and aerospace company, Bloomberg News reported, citing people with knowledge of the matter.
Over 75% of Cobham shareholders who have voted so far have already given consent to accept the offer, the sources said, adding that the initial tally is based on proxy votes sent in by the Sept. 12 deadline.
Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC recently recommended investors vote for the transaction. Some funds including Silchester International Investors LLP, which owns 12% of the target company, were against the deal, which is expected to close by the end of 2019.
Advent and Cobham representatives did not comment on the matter, the report noted.
