PSC Insurance Group shares have been suspended pending removal from the Australian Securities Exchange, with Ardonagh’s $2.3 billion takeover of the broker now legally effective.

Shareholders are expected to receive the $6.19-per-share cash consideration on Friday next week, when the Melbourne-based broker will be removed from the ASX official list at close of trading.

PSC directors unanimously recommended UK-based Ardonagh’s offer, which was announced in May after the company indicated it had received approaches and was in discussions.

Chairman Paul Dwyer, who founded PSC, said last week’s shareholder vote in support 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. “We now look ahead to joining a global team in Ardonagh who share our drive and values.”

PSC, founded in 2006, has grown to service more than 200,000 clients, with more than 900 employees across 39 offices. The shares began trading on the ASX on December 15 2015, debuting at $1.48.

The $6.19 offer represented a premium of 10.5% to the closing share price of $5.60 on May 7, the day before the announcement of Ardonagh’s proposed scheme of arrangement.