Informa, UBM shareholders approve deal

Informa's £3.9bn offer for B2B events organiser UBM has been approved by the shareholders of both companies.

Of the Informa shareholders who cast their vote, 98.9% were in favour of the deal, while UBM said 95.8% of its shareholders who cast their vote were in favour.

The companies said on Tuesday that engagement with the UK Competition and Markets Authority is ongoing and they remain confident that the offer will complete by the end of the second quarter.

Informa chief executive Stephen A Carter said: "We are encouraged by the strong support from shareholders of both companies for this combination, which will create a leading, international B2B information services group."

Under the terms of the transaction - announced in January - UBM shareholders will receive 1.083 new Informa shares and 163p in cash for reach of their shares. The deal will result in Informa shareholders owning around 65.5% of the enlarged group, with UBM holders owning the rest.

Informa's Carter said at the time that the offer would result in attractive earnings accretion, positive returns and predictable revenue.

At 1515 BST, Informa shares were up 1 .8% to 736.20p while UBM was 1.8% higher at 973.50p.