SMS Management and Technology shareholders approve ASG Group acquisition

SMS Management and Technology shareholders have overwhelmingly approved a proposed $124 million acquisition by ASG Group.

Approximately 98.5 percent of shareholders present voted in favour of the acquisition in a special shareholder meeting on Friday. The deal will see ASG pay $1.80 in cash for each SMS share.

The SMS board of directors declared a fully-franked special dividend of 10.2 cents per share after the acquisition was approved.

ASG revealed its bid to acquire SMS in May, outbidding a previous offer from DWS of $1 in cash and 0.39 DWS shares for each SMS share. SMS' board deemed the ASG offer to be the superior bid, and DWS declined to submit a counter proposal.

SMS reported a $42.1 million net loss for the financial year ending 30 June 2017. Revenue was down $24.2 million to reach $304.5 million and earnings fell from a positive $15.7 million last year to a loss of $37.9 million.

The acquisition is expected to be completed on 26 September.