PSC Insurance Group says Ardonagh’s $2.3 billion takeover scheme of arrangement is now legally effective, with approvals and regulatory steps completed. 

The Federal Court gave its final approval yesterday after shareholders last Thursday voted overwhelmingly in favour of the transaction.

“PSC confirms that it has lodged a copy of the orders made by the Federal Court of Australia approving the scheme with the Australian Securities and Investments Commission,” the Melbourne-based company said in an update today.

“The scheme is now effective, and it is expected that quotation of PSC shares on the [Australian Securities Exchange] will be suspended from the close of trading today.”

Shareholders are expected to receive the $6.19-per-share cash consideration on the scheme implementation date, which is expected to be Friday next week.

More than 99% of direct and proxy votes backed the scheme of arrangement for the takeover, announced in May.

Ardonagh CEO David Ross said the support highlighted the sound rationale in merging the businesses.

“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally,” he said.

PSC chairman Paul Dwyer, who founded the business, said last week’s shareholder vote was a “momentous” occasion for the brokerage.

“We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally,” he said.