Godfreys 99-year-old founder John Johnston will be gifted with the takeover of the vacuum cleaner retailer after securing 91.21 per cent in the company’s shares.
The win comes just in time for Johnston, who will be celebrating his 100th birthday in July.
Johnston, who first launched Godfreys in 1936 with Godfrey Cohen in Melbourne, made an all-cash takeover bid for Godfreys in April that valued the business at around $13 million.
In May, Johnston increased his takeover offer from 32c per share to 33.5c.
On 22 June, Arcade Finance acquired a relevant interest of 91.21 per cent in Godfreys shares, announcing that it intends to proceed with the compulsory acquisition of the remaining Godfreys shares.
Godfreys is set to be removed from the Australian Securities Exchange and returned to private ownership under Johnston.
John Hardy, who was chief executive of Godfreys from 1983 to 2010 and from mid-2016 to 2017, has also returned to the company as interim CEO.