Johns Lyng Group shareholders will vote on October 8 on Pacific Equity Partners’ takeover offer.

The building group’s independent board committee has maintained its backing for the offer, which values Johns Lyng equity at about $1.1 billion and implies an enterprise value of $1.3 billion.

Shareholders will receive $4 cash per stock – a 77% premium on Johns Lyng’s closing share price on May 15, the day before it received the non-binding and indicative offer.

Independent directors hold about 0.18% of shares on issue, according to the scheme of arrangement booklet.

“Your independent directors unanimously recommend that you vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert continuing to conclude that the scheme is in the best interests of general JLG shareholders,” the scheme booklet says.

“No superior proposal has emerged as at the date of this scheme booklet, and the independent directors are not aware of any competing proposal that is likely to emerge.

“If the scheme does not proceed and no other proposal emerges, the price of JLG shares may fall.”