SDI (ASX:SDI) said shareholders approved its proposed acquisition by InnoXvest Dental under a scheme of arrangement, according to an Australian bourse filing on Monday after market hours.
InnoXvest Dental, a wholly-owned unit of Beijing Guoci Kebo Technology, an entity controlled by Shandong Sinocera Functional Material, proposed to acquire 100% of the issued share capital of the company via a scheme of arrangement for AU$1.40 per share in cash, per the filing.
The proposal was approved at the scheme meeting held on Monday, with 98.94% of votes cast and 93.56% of shareholders present and voting in favor, the filing said.
The transaction is still subject to court approval at a hearing scheduled for Wednesday, as well as other remaining conditions.
If approved, the scheme is expected to take effect on Thursday, with trading in the company's shares suspended at the close of that day, and implementation scheduled for July 6, the filing added.