Majority of Healthscope Ltd. shareholders voted in favor of Brookfield Business Partners LP's A$4.4 billion proposal to take over the Australian hospital operator.
According to a news release, 99.93% of the votes cast during a meeting were in favor of the scheme of arrangement that involves the Brookfield Asset Management Inc. subsidiary's A$2.465-per-share acquisition of all the shares it does not own in Healthscope.
Healthscope shareholders also approved the capital return that will be paid in relation to the Brookfield proposal, with 99.32% of the votes cast favoring the resolution. Earlier in May, superannuation and pension fund AustralianSuper, which holds a nearly 16% stake in Healthscope, declared its support for the proposal.
Approval of the scheme is expected to be heard by the Federal Court of Australia May 24. If approved, the takeover will take effect on the same day and trading in the shares of Healthscope on the ASX will be suspended. Payment of the scheme consideration will take place June 6.