Apiam Animal Health shareholders have overwhelmingly approved the proposed acquisition by Adamantem Capital-controlled entities, clearing a critical hurdle for the $500 million deal.
- 99.94% shareholder approval for the scheme of arrangement
- Acquisition by Adamantem Capital Fund II via Pepper Bidco and Holdco
- Court approval hearing scheduled for 6 February 2026
- Shares to be suspended post-approval with scheme implementation by 23 February
- Apiam operates over 80 veterinary clinics nationwide
Shareholders Endorse Acquisition
Apiam Animal Health Limited (ASX – AHX) has taken a decisive step towards a change of ownership, with shareholders voting overwhelmingly in favour of a scheme of arrangement to be acquired by entities controlled by Adamantem Capital. At the scheme meeting held on 3 February 2026, an extraordinary 99.94% of votes cast supported the transaction, signalling strong shareholder confidence in the proposed deal.
The acquisition involves Pepper Bidco Pty Ltd and Pepper Holdco Limited, both controlled by Adamantem Capital Fund II, a private equity fund managed by Adamantem Capital Management. This move marks a significant milestone in the $500 million-plus transaction, which aims to consolidate Apiam’s position in the Australian veterinary services sector under new ownership.
Next Steps and Court Approval
While shareholder approval is a critical hurdle cleared, the scheme remains subject to final court approval. The Supreme Court of Victoria is scheduled to hear the matter on 6 February 2026. If the court grants its approval and all other conditions precedent are satisfied or waived, the scheme will become legally effective the same day.
Following this, Apiam shares are expected to be suspended from trading on the ASX at the close of the effective date. The scheme implementation date is anticipated to be 23 February 2026, when shareholders will receive the scheme consideration for their shares held as of the record date on 18 February.
Implications for Apiam and the Market
Apiam Animal Health is a prominent player in rural veterinary services, operating more than 80 clinics and employing over 1,000 staff across Australia. The acquisition by Adamantem Capital could provide the company with fresh capital and strategic support to expand its footprint in regional and peri-urban areas.
For investors, the suspension of trading and eventual delisting of Apiam shares will mark the end of public market exposure to the company. The near-unanimous shareholder vote suggests broad agreement on the valuation and terms of the deal, but market participants will be watching closely for any developments from the court hearing and the finalisation of the transaction.
Bottom Line?
With shareholder approval secured, all eyes now turn to the court’s verdict and the imminent transformation of Apiam’s ownership landscape.
Questions in the middle?
- Will the Supreme Court approve the scheme without conditions or delays?
- How will Adamantem Capital’s ownership influence Apiam’s growth strategy?
- What are the implications for Apiam’s employees and clinic operations post-acquisition?