APN shareholders have approved the $1.2bn acquisition deal from JCDecaux that would see the business absorbed into the French out-of-home giant.
The shareholders were invited to vote on the acquisition proposed between APN Outdoor and JCDecaux this morning.
According to an announcement from APN Outdoor, 95.5% of APN Outdoor shareholders present at the meeting voted in favour of the scheme resolution and 99.93% of the votes cast were in favour of the scheme resolution.
The ACCC has already approved the takeover and the Foreign Investment Review Board also gave the acquisition the green light.
The news adds to speculation that APN Outdoor CEO James Warburton will be leave the company as early as this week to make way for JCDecaux CEO Steve O’Connor.
Warburton, who joined the company in January, is been credited with modernising and revamping APN Outdoor's internal culture and has led his team of nearly 300 staff to multiple tender wins, most recently the contract for Sydney Airport.
The takeover will now go ahead ahead if the federal court approves the move on the 31 October.
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