Shareholders of Irish bakery group IAWS have voted overwhelmingly in favour of the proposed merger with Swiss baker Hiestand, the company has revealed.
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“IAWS shareholders voted almost 100% in favour of the merger yesterday (24 july),” a spokesperson for the company told just-food.
In June, IAWS announced its plan to merge with Hiestand. If the merger goes ahead the deal will see the creation of a new EUR2.7bn (US$4.2bn) bakery company, to be called Aryzta.
IAWS shareholders will hold an 83.3% stake in Aryzta, 8.7% will be held by free-float shareholders in Hiestand and private equity firm Lion Capital will take an 8% stake.
According to the company, 99.97% of shareholders voted in favour of the scheme. IAWS will now seek approval from the Irish High Court, which is expected to deliver its verdict on 15 August.
If all goes to plan, IAWS believes Aryzta shares will be issued on 21 August with the company gaining admission to the Swiss and Irish exchanges the following day.
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