Carpetright shareholders agree on Meditor takeover

Carpetright shareholders agree on Meditor takeover
Majority of shareholders approve a Carpetright takeover
// Carpetright shareholdes agree Meditor
// Deal values Carpetright at £15.2 million

Carpetright on Wednesday said a majority of shareholders had approved it bid to be taken over by Meditor Holdings, its largest shareholder.

The retailer said 80 per cent of shareholders had voted in favour of the resolution to approve the sale which will value Carpetright at £15.2 million.

READ MORE: Carpetright to be taken over by Meditor

Meditor currently holds a 29.9 per cent stake in Carpetright.

Back in October reports circulated that Meditor had offered to buy the retailer to avoid it collapsing due to debt.

Carpetright’s net debt was set to increase to between £40 million and £50 million in December, with Carpetright stating it needed £80 million to fund its turnaround strategy.

Carpetright shares closed 0.5 per cent lower in London at 4.92 pence each on Wednesday after the approved deal was announced.

The takover is expected to be completed in the first quarter of 2020.

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