The majority of shareholders in Charlie's Group have moved to accept Japanese drink giant Asahi's takeover bid of 44 cents a share.
At close of business on Friday, Asahi had received acceptances amounting to 53.21 percent of Charlie's shares, including from key shareholders such as Collins Asset Management Limited, Tim Cook, Ted van Arkel and the trustees of the family trusts of chief executive Stefan Lepionka, Simon Neal and Marc Ellis.
The Overseas Investment Office has also granted its consent to the bid.
The offer remains conditional, including on the receipt of acceptances for 90 percent or more of Charlie's shares.
Unless extended, the offer will close at midnight
on August 19.
In a letter to shareholders accompanying the offer document sent on July 21, the Charlie’s board unanimously recommended they accept the proposal for all of their shares.
Chairman Ted van Arkel says the cash offer is at the top end of advisory firm Grant Samuel's valuation range and represents a 57 percent premium over the closing price for Charlie’s shares prior to the offer being announced.
The board also says that prior to Asahi’s formal offer, it had received a number of unsolicited indicative proposals and Asahi’s proposal represented the best price for shareholders.
In a statement, it said the Asahi offer “represents a unique opportunity to propel Charlie’s brands further onto the world stage and more quickly than Charlie’s may achieve on its own”.
It says the offer provides a certain value to shareholders and external factors could affect the value of Charlie’s shares in the future.