Fantastic Furniture shareholders have approved a proposed $361 million takeover by Steinhoff Asia Pacific by an overwhelming majority.

Fantastic says 99.97 per cent of votes at Wednesday’s scheme meeting were cast in favour of accepting a cash payment of $3.50 per security, which represents a 43 per cent premium on the price prior to the announcement of the bid.

The company will now present the results of the vote to the Federal Court on Monday so it can proceed with the takeover, which has already received approval from the Foreign Investment Review Board.

The South African-based retailer with deep pockets and an insatiable appetite for growth, has been actively shopping for further retail opportunities in Australia for the past six months.

Steinhoff International owns Freedom, Snooze, Bay Leather Republic, Best & Less and Harris Scarfe and sounded out both The Good Guys and Woolworths’ Big W about further acquisitions.

Steinhoff International also has a large format home concept, Poco, with two locations in Sydney and is opening Debenhams stores in prime locations under a license to the British department store group.