Austar shareholders have said yes to a proposed $2 billion takeover by pay TV rival Foxtel despite the competition watchdog having yet to give its approval.

Votes cast at an Austar shareholders’ meeting in Sydney on Friday showed overwhelming support for takeover that was announced in May 2011.

The one remaining step to complete the transaction is the green light from the Australian Competition and Consumer Commission (ACCC), which this week said it had delayed its decision, pending further discussions with Foxtel.

Austar chief executive John Porter said the timetable for the deal had already been extended once and was able to be extended further if required.

Should the ACCC approve the takeover, the parties will head to the Federal Court on April 13 for approval and the transaction would be completed on April 16.

“We are pretty confident at this point, so we haven’t done a lot of work on that but we will cross that bridge when we come to it,” Mr Porter told reporters after the meeting.

Austar deputy chairman Tim Downing, an independent board director, said the shareholders’ meeting went ahead to avoid further delays in the takeover process.

“While Austar remains optimistic of a positive outcome by proceeding with the shareholder meetings … Austar makes no representations that ACCC approval will either be granted or be granted in time to enable the scheme to proceed,” Mr Downing said in prepared remarks.

Austar closed up three cents at $1.45.