The buyout by Pegasus Bidco was voted down: announcement.

It was a bit of a complicated voting process, with two classes of votes --- those from the people who were definitely going to vote for it (called the "First Interest Class") and everyone else ("Second Interest Class"). They needed 75% of the second class to vote for it, but they only got about 56%. It seems that some of the big shareholders, who together hold around 12% of PPH shares (although there's some confusion about that based on earlier market announcements like this one) aren't too happy with the low price being paid.

Pushpay and Pegasus had until Tuesday (7th March) to sort things out and try to get another vote, but they've extended the timeframe until next week (Monday 13th). It looks like the deal is going to be sweetened as according to the announcement yesterday Pegasus will "progress the terms of an alternative proposal".

But of course it could be that they don't come up with something that the big boys are happy with and so the deal might fall through anyway, with a likely sharp drop in SP. If you're still following the company and happy with their performance then that could be a good opportunity to pick up a bargain.

I think I'll sit on the sidelines though.