Grintek`s minority shareholders have elected to accept Swedish group Saab`s offer for the company.
Grintek says 99% of minority shareholders voted in a scheme meeting yesterday to support the deal.
Saab, through its South African subsidiary, this month increased to 200c its offer to buy out minorities. It had previously placed an offer of 190c a share on the table.
The Swedish group already owns 14.4% of Grintek, and it is offering to buy the remainder of the company`s shares, except the 29.7% held by Kunene Finance Company and Kunene Technology Investments.
The Saab offer values the 56% stake it is buying at R333 million.
It is expected that the Grintek share will be delisted from the JSE on 17 May.
Grintek has said that one of the reasons for the offer is Saab`s wish to extend its geographical presence to Africa, adding that the defence and aviation arenas require significant capital expenditure as well as research and development expenditure.
"As a controlling shareholder of Grintek, Saab will be able to forge a closer working relationship with Grintek, facilitate the transfer of technical expertise, undertake joint development and marketing initiatives, provide Grintek with greater access to world markets and an opportunity to leverage off of Saab`s international infrastructure," it said.
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