Morse shares to be suspended as 2e2 deal nears completion

Microscope contributor

The trading of Morse shares will be suspended on the London Stock Exchange (LSE) tomorrow as it takes a step closer to finalising its acquisition by 2e2.

In a statement made to the market today, services-based reseller Morse confirmed that the agreement between the company and its shareholders was approved by the courts.

"Morse and 2e2 are pleased to announce that the Scheme of Arrangement has been sanctioned by the Court today," it stated.

The Scheme of Arrangement is due on 21 June and the company added "Morse has applied for its shares to be suspended with effect from 7.30am on 17 June 2010." 

Last month Morse shareholders voted overwhelmingly in favour of the 51 pence per share offer from 2e2 which valued the business close to £70m, a deal that was predicted by MicroScope in April.

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