Prism shareholders have voted overwhelmingly in favour of Net1`s acquisition of their company.
At a scheme meeting held yesterday, shareholders representing about 417.6 million Prism shares, or 99.97% of the total number of votes, approved the deal.
The approval means that, subject to Competition Commission and High Court approval, Net1, a subsidiary of US-listed Net1 UEPS Technologies, can proceed with its purchase of Prism at R1.16 per share, or R686.94 million.
Net1 originally offered R1.02 per Prism share, but increased it when JSE-listed Altech offered R1.16. Altech subsequently withdrew its bid.
The court hearing to sanction the scheme of arrangement is scheduled for 4 July and the suspension of the Prism share is planned for 10 July.
Prism is to be delisted from the JSE on 18 July.
The Prism share was trading unchanged at 112c early this morning.
Related stories:
Prism board backs Net1 offer
Altech has other plans
Prism in tug-of-war
Counterbid lights Prism share
Takeover news boosts Prism
Share