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Programmed shareholders back $778m bid

Programmed Maintenance shareholders have overwhelmingly approved the $778 million takeover of the labour hire group by Japanese HR giant Persol.

Programmed says 99.85 per cent of votes at Friday's scheme meeting were cast in favour of accepting a cash payment of $3.02 per security, made up of a fully franked special dividend of 16 cents contributed by Programmed and the remaining $2.86 from the Tokyo-listed Persol.

Programmed will seek Federal Court approval on October 10 for the offer, which represents a 67 per cent premium on the share price prior to the July announcement of the bid.