Provider of staffing and maintenance services Programmed Maintenance Services Ltd
(ASX:PRG) has met a key condition of its takeover bid for KLM Group after its holding in the group increased to 92.31%.
The company says it has now met its minimum acceptance condition of 90%.
In October last year the company made a bid for the electrical and communications solutions provider valuing it at $28.14 million.
Programmed Maintenance says it expects that all the remaining conditions of the offer will be satisfied upon the close of the offer on Wednesday January 20, and says it intends to proceed with compulsory acquisition of the remaining shares in KLM.
Programmed Maintenance Services earned just over $28 million in the year to March 30, 2009.
