A majority of Role & Nolan shareholders have voted in favour of a take-over bid from HgCapital-backed management buy-out vehicle Maia Holdings.
Maia Holdings says its 100 pence a share offer for the back office futures and vendor won the backing of shareholders representing 53.8% of the group’s equity.
The agreement thwarts the interests of other potential suitors, including US-based vendor onExchange, and Navora. Both parties had expressed an interest in Rolfe & Nolan but had failed to table a firm bid by the closing period.
However, Maia Holdings must secure 70% of the issued share capital if it is to succeed in its bid to delist Rolfe & Nolan and take it private, prompting speculation of a quick sale if its plans are impeded.