Manawa Energy (NZE:MNW) said that its shareholders are set to vote on its proposed acquisition by Contact Energy (ASX:CEN, NZE:CEN) via a scheme of arrangement, for NZ$1.12 per share along with 0.5830 Contact shares, according to a Monday filing with the New Zealand bourse.
The meeting is slated for June 18, the filing said.
If shareholders approve the scheme, the proposal will proceed to a final High Court hearing for approval, the filing added.
The company's directors recommend shareholders vote in favor of the scheme, subject to the absence of a superior proposal and an independent expert's assessment, the company said.
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