Debenhams shareholders approve takeover bid

Department store Debenhams has voted in favour of a venture capital-backed bid for the department store group worth £4.70 (€6.84) a share, or £1.72bn (€2.5bn).

A total of 99.5 % of the proxy vote cast were in favour of the takeover terms offered by Baroness Retail, well ahead of the 75% required for ratification for the takeover.

Baroness Retail is a consortium made up of CVC Capital Partners,Texas Pacific Group and Merrill Lynch Global Private Equity.