MHP parent company Engine Group has announced that its acquisition by Lake Capital has been “comprehensively approved” by shareholders and is due to be completed “very shortly”.
Engine Group needed 75 per cent of shareholders to accept its offer for the deal to be approved. Approximately 50 ex-employees of Engine Group were unhappy that the deal’s terms meant they would have to sell their shares and accept a lower value per share than current employees.
Peter Scott, chief executive of Engine Group, said: “This is the beginning of the next stage of the Engine growth story, the first ten years having been spent building an intrinsically different model that we believe we can expand both organically and through acquisition, particularly in the US and Asia.”
The newly enlarged Engine Group is to use Lake Capital’s operational and financial strength to take advantage of “growth opportunities” as the world economy begins to recover.
Terry Graunke, co-founder of Lake Capital, said: “We believe that the combined Engine, ORC and Trailer Park business will form the basis of a major, independent global force in marketing services and communications. We are very excited about working together with such great agencies, people and clients.”