The long-awaited shareholder vote on International Personal Finance's (IPF) takeover by BasePoint Capital is underway. The UK doorstep lender agreed in December to be bought for £543 million in cash. However, the process has been chaotic.

Artemis, IPF's largest shareholder with a 13.7% stake, publicly complained the initial £543m price was too low. BasePoint responded with a sweetened offer, raising the price from 235p to 250p per share and adding a 15p special dividend payable post-completion. Artemis has not yet indicated if this improved offer secures its support.

The vote was originally scheduled for February but delayed to avoid clashing with IPF's full-year results announcement. Ahead of today's meeting, news emerges that Janus Henderson, a major shareholder, withdrew its irrevocable support, reducing the total backing from 8.08% to just 4.6%. This move significantly weakens the deal's chances, especially as JO Hambro, owning 3.04% of IPF, has been selling shares during the offer period, reducing its pledged support to 2.38%.

At 247.5p, IPF shares suggest minimal risk of the deal failing, though the outcome remains uncertain.