Bigtincan Holdings (ASX:BTH) said the Supreme Court of New South Wales approved a proposed scheme of arrangement under which Big Wombat will acquire a 100% stake in the firm for AU$0.22 per scheme share, according to a Tuesday Australian bourse filing.
Big Wombat is an entity ultimately owned by a fund managed and advised by Vector Capital Management or its related entities, the filing said.
Certain issued options of Bigtincan will be canceled for cash consideration under the scheme, per the filing.
The firm expects to lodge an office copy of the court orders with the Australian Securities and Investments Commission on Wednesday, at which time the scheme will become legally effective and binding on its security holders.
On the scheme becoming legally effective, the firm's shares will be suspended from trading at the close of trading on Wednesday.
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