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Li & Fung shareholders approve acquisition of IDS
Hong Kong, September 13, 2010 – Li & Fung Limited (“Li & Fung”, SEHK: 494), shareholders today gave strong support for the company’s proposed acquisition of Integrated Distribution Services Group Limited (“IDS”) by way of privatisation pursuant to a scheme of arrangement (“Scheme”).
At a Special General Meeting of Li & Fung held on September 13, 2010, shareholders voted 99.80% in favour of the transaction. The Scheme is subject to the outcome of IDS’s court meeting and Special General Meeting.
Commenting on the approval, Bruce Rockowitz, President of Li & Fung (Trading) Limited said: “We are pleased with the outcome of the voting which represents a major step towards implementing our strategy to extend our geographical penetration and enlarge our service offerings and, at the same time, will provide significant benefits for shareholders, employees and other stakeholders.”
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