What's the latest update on takeover target RPM Global?

An extraordinary 99.88% of votes cast were in favour of the takeover.

Key points
  • RPM Global moved one step closer to being acquired by Caterpillar.
  • An extraordinary 99.88% of shareholder votes cast were in favour of the takeover.
  • The scheme is still subject to Foreign Investment Review Board (FIRB) and Federal Court approval, with the hearing scheduled for 3 February 2026.

RPMGlobal Holdings Ltd (ASX: RUL) has moved one step closer to being acquired by Caterpillar Inc (NYSE: CAT), after shareholders overwhelmingly approved the proposed $5-per-share scheme of arrangement at a shareholder meeting today.

According to the company's newly released voting results, an extraordinary 99.88% of votes cast were in favour of the takeover. In addition, 96.90% of shareholders present and voting supported the transaction, comfortably exceeding both approval thresholds required under the Corporations Act.

The outcome confirms what was already evident from proxy tallies ahead of the meeting: shareholder support for the Caterpillar bid is emphatic.

With no superior offer emerging, RPM investors have embraced the opportunity to crystallise significant, certain value at a premium. RPM Global shares are up 65% year to date, largely spurred on by news of the acquisition.

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.

Image source: Getty Images

What happens next?

Although shareholder approval is a major milestone, several steps remain before the scheme becomes binding.

The scheme is still subject to approval by the Foreign Investment Review Board (FIRB), which remains pending, as well as Federal Court approval, with a hearing scheduled for 3 February 2026 in Melbourne.

If all conditions are met, RPM Global shares are expected to be suspended from trading at the close on the effective date, and the takeover would be fully implemented on 18 February 2026.

Why shareholders backed the deal

For most investors, the Caterpillar offer represents a clean exit at a compelling valuation with no market execution risk. In the absence of any rival bids, the certainty of cash today outweighs the operational risks and competitive pressures involved in continuing to scale the business independently.

Mining technology remains a rapidly evolving sector, and Caterpillar's global footprint and financial strength provide RPM's software with an opportunity to reach a wider commercial platform than it could achieve alone.

Foolish bottom line

With shareholder approval secured and the ACCC having already cleared the deal, only FIRB and the court remain as formal hurdles. Barring unexpected delays, RPM Global appears firmly on track to join the Caterpillar group early in 2026, marking the end of the ASX chapter for this mining technology company.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended RPMGlobal. The Motley Fool Australia has recommended RPMGlobal. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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