A $2.17 billion takeover offer for toll road owner ConnectEast has received foreign investment review board (FIRB) approval, clearing the way for a shareholder vote on the bid.

Investment vehicle Horizon Roads has told ConnectEast the FIRB had no objections to its offer to acquire all ConnectEast securities, ConnectEast said on Monday.

Horizon Roads has offered 55 cents for each ConnectEast security, or alternatively ConnectEast security holders can opt to receive securities in an unlisted managed investment scheme, which would enable them to retain an interest in ConnectEast.

A number of global investors are funding the Horizon offer including pension schemes in the UK, Netherlands, South Korea, China, Denmark, New Zealand and the US.

ConnectEast owns and operates Melbourne’s EastLink toll road. It has recommended the takeover offer to its security holders, who will meet on September 27 to vote on the proposal.

For the takeover to proceed, a minimum of 75 per cent of votes cast on necessary constitutional amendments are required to be in favour.