SG Fleet Group (ASX:SGF) said that Westmann Bidco received approval from the Foreign Investment Review Board (FIRB) for its proposed acquisition of the company, according to a Tuesday filing with the Australian bourse.
The board recommended that shareholders vote in favor of the proposed acquisition, subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders, the filing said.
The deal, to be effected via a scheme of arrangement, is subject to shareholder approval during a scheme meeting slated for April 8, the filing added.
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