Johns Lyng Group shareholders today voted in favour of a takeover by Pacific Equity Partners.

More than 99% of votes cast approved the resolution, which will go to the Supreme Court of NSW for final approval on Monday.  

Johns Lyng shares are expected to be suspended from the stock exchange from Tuesday’s close.

The building group’s board had backed the offer, which represents equity of about $1.1 billion.

Shareholders will receive $4 cash per stock – a 77% premium on the closing price the day before the May offer.

Chairman Peter Nash told shareholders the offer “reflects the value we’ve created for shareholders and the strategic importance of our platform in the insurance building and restoration sector. Today marks a significant milestone in our journey, with the acquisition by Pacific Equity Partners representing a recognition of our achievements.”

Mr Nash says Johns Lyng has pursued disciplined and resilient growth, balancing organic expansion with strategic acquisitions, while maintaining a strong balance sheet and operational agility.

“This transition has not been without its challenges. Market volatility, sector-specific pressures, and evolving client needs have tested our resolve.

“Yet our team has consistently delivered – achieving robust operating results, maintaining strong cash conversion, and continuing to grow our core business across Australia, New Zealand and the US.”

Directors Scott Didier, Nick Carnell, Larisa Moran, Peter Dixon, Alison Terry and Alexander Silver were present at today’s meeting.  

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