Private equity firm Flexpoint Ford LLC has set out a timetable for its acquisition of national Financial Planning firm AFH Financial.

The general meeting for AFH shareholder to vote on whether to accept the acquisition has been rearranged for 26 March with a deadline for lodging proxy voting forms of 24 March.

The AFH board has encouraged proxy voting due to the current government guidance on the Coronavirus pandemic.

The meeting was rearranged following shareholder opposition to the original conditions for sale from its largest shareholder, Slater Investments, which owns approximately 13% of the business.

Following the opposition, Flexpoint increased its bid for AFH to 480p in cash for each AFH share. Under the previously agreed deal, shareholders would have been entitled to 463p per share.

US private equity firm Flexpoint agreed a £224.5m cash takeover of AFH in January. Under the new deal the takeover values AFH at around £231.6m.

The independent directors of AFH unanimously support the takeover and have urged shareholders to vote in favour.

The deal to sell AFH requires a 75% majority of shareholders but it is not yet known what percentage back the takeover deal.

Flexpoint said it expects the acquisition scheme to become effective by 30 June if it is accepted.

Keefe, Bruyette & Woods is providing advice to the independent directors on the financial terms for the acquisition.

West Midlands-based AFH, one of the UK's largest Financial Planning firms, has grown rapidly through the acquisition of Financial Planning and IFA firms in recent years but last year slowed down its acquisition programme to focus on bedding in new acquisitions. AFH has acquired 50 Financial Planning and IFA firms in the past six years.

Flexpoint, which has offices in Chicago, New York, has set up a UK takeover company, Cortina Bidco, to see through the deal.