The planned sale of listed Australian service provider CSG to Fuji Xerox has cleared an important hurdle after the New South Wales Supreme Court signed off a Scheme of Arrangement to make the deal possible.
A Scheme of Arrangement is used when a company consents to be acquired and outlines how a company’s capital, assets or liabilities will pass to their new owner. Schemes of Arrangement must be approved by the courts.
CSG’s went to the Supreme Court of New South Wales today and according to an ASX statement (pdf) was approved.
The statement outlines a plan that will see the Scheme booklet, which details the deal, sent to shareholders on December 23rd ahead of a shareholder meeting on February 3rd 2020. If all goes well, the deal should conclude on February 19th, 2020.
The ASX statement signals the deal should sail through, as it concludes by saying “The Board of Directors of CSG continues to unanimously recommend that CSG shareholders vote in favour of the Scheme at the upcoming Scheme Meeting, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of CSG Shareholders.”
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