Bathrooms and kitchens business, GWA Group is set to snap up New Zealand tap maker Methven after the $112 million deal got the green light from shareholders this morning.
The scheme of arrangement, announced in December last year, is still subject to approval by the New Zealand High Court, but GWA expects implementation of the scheme around April 10.
The offer equates to $NZ1.60 per share.
GWA says the deal will strengthen its position across Australia and New Zealand, and accelerate growth opportunities in core markets.
Shares in GWA (ASX:GWA) are trading 0.63 per cent higher at $3.20.