UK-based Ardonagh has received the government regulatory approvals required for its $2.3 billion takeover of PSC Insurance Group. 

The takeover, which will be voted on by shareholders on Thursday next week, has been cleared by the Australian Competition and Consumer Commission and the UK Financial Conduct Authority, PSC said today.  

Ardonagh has also received a “no objections” notification on behalf of the Federal Treasurer under foreign investment laws. 

The takeover proposal announced on May 8 involves a $6.19 per share cash payment offered through a scheme of arrangement. 

PSC says the transaction remains subject to the shareholder vote and court approval, which is expected to take place on October 1, as well as customary conditions, such as there being no material adverse change or “occurrence of a regulated event”.

“As at the date of this announcement, the board of PSC expect that these other customary conditions will be satisfied,” PSC said. 

The PSC board has unanimously recommended Ardonagh’s bid and independent expert FTI Consulting has stated it’s in the best interests of shareholders as a whole in the absence of a superior offer, and is fair and reasonable. 

FTI Consulting confirmed its view following the release of PSC’s full-year financial results on August 23. 

The Ardonagh transaction expected implementation date remains October 11 under an indicative timetable.