Aramark shareholders back move to take company private

Aramark shareholders have overwhelmingly backed an $8.3b (£4.4b) move by group chief executive Joseph Neubauer to take the company private.

The deal, which is backed by five private equity groups and includes the repayment of $2b (£1.1b) of debt, will see the company delist from Wall Street and return $33.80 (£17.90) per share to investors.

In August this year UK chief executive Andrew Main said the management buyout would boost its performance by putting the company’s destiny back in its own hands.

"The quarterly Wall Street reviews were hampering the ability to take a long-term view with clients," he said.

Aramark floated on the New York stock exchange in December 2001 after 17 years as a private company. Some have since questioned the motives of companies that switch between private and public ownership.

By Tom Bill

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