A Canadian takeover of Tasmanian-founded agribusiness Webster Limited looks a done deal.
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Webster shareholders on Monday voted overwhelmingly in favour of the $2 per share takeover offer from subsidiaries of Canadian pension investment manager PSP Investments.
More than 95 per cent of votes were cast in favour.
Webster will seek approval for the takeover to proceed from the Supreme Court of New South Wales.
A hearing is scheduled for Wednesday.
If the court approves the scheme, it is expected Webster ordinary shares will be suspended from trading on the ASX at the close of trading on Thursday.
Webster, whose assets include walnut plantations in Tasmania and in the Riverena and agricultural assets and water entitlements in New South Wales, was founded in Tasmania in 1831.
It was based in Tasmania for many years and is now headquartered at Leeton, New South Wales.
At Monday's shareholder meeting, Webster director David Cushing said independent expert KPMG Financial Advisory Services concluded the deal was in the best interest of shareholders in the absence of a superior proposal.
KPMG assessed the value of ordinary shares to be between $1.59 and $1.93.
Mr Cushing said the offer price had an "attractive premium" of 59.7 per cent to the 30-day volume weighted average share price of $1.25 for the period before the offer was announced.
Mr Cushing said Webster expected its financial year (to September 30) to be another challenging one.
"The ongoing drought conditions and low water allocations are expected to continue to adversely impact on Webster's financial and operating performance," he said.
"As a result, total cotton plantings are expected to reduce further in financial year 2020 to approximately 1935 hectares down from 4413 hectares in financial year 2019.
"A substantial increase in plantings is not expected to be undertaken until the current drought conditions improve."
