Chinese conglomerate HNA has extended its CHF1.4 billion (£1.08bn) offer for the Zurich-based airline catering company, Gategroup, the second largest firm of this type in the world.
By the end of the initial acceptance period, HNA had originally acquired 63.6% of ownership of Gategroup. In April, HNA had said the deal for the Swiss company required a 67% buy-in. This minimum has now been waived.
HNA now considers its offer to be successful, with the final settlement expected to occur near the end of the year.
In-flight caterers have been struggling as more passengers switch to cheaper flights without meals, and consolidation in Europe and the US boosts the bargaining power of airline carriers.
Gategroup suffered a loss of CHF63.4 million (£50.1m) on sales of CHF3 billion (£2.37bn) last year, when the company said it would cut 300 jobs in locations including Zurich and London.
Gategroup has 10 subsidiary brands including Gate Gourmet.