Over 90 percent of Allied Farmers shareholders have voted in favour of a takeover of failed finance company Hanover.
The deal involves Allied Farmers taking over all of Hanover's remaining assets valued at $396m.
The takeover would put Allied in the NZX top 50 - and see Hanover investors swap their debt for shares - with the possibility of getting around 78 cents for every dollar owed.
The ratio would be determined by the volume weighted average price over the five trading days leading up to the deal's completion.
Shareholders Association chairman Bruce Sheppard previously said the proposal would be great for Allied but extremely bad for Hanover and United investors.
"It will be a great deal for Allied. It will effectively fill up their balance sheet with over-valued assets that will generate some cash and restore their solvency".
"It will also be a great deal for (Hanover owners) Eric Watson and Mark Hotchin. They will have all of Hanover's debts taken out of the Hanover balance sheet, thus relieving them of any obligations to put the $20m in," said Sheppard.
The deal also needs the approval of 75 percent of investors in Hanover - that vote is on December 16.
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