Vector Limited, which has a $9.90 per share takeover offer in place for all shares in UnitedNetworks, says it intends to move to compulsory acquisition now that acceptances have reached the trigger point of 90 per cent.

Its announcement follows the decision of three local authorities to direct the trustee to sell to Vector the 10.8 per cent stake held by the UnitedNetworks Shareholders Society.

Combined with the acceptance of majority shareholder Aquila and minority shareholders, this has taken Vector's shareholding to 93.8 per cent.

Vector's offer is due to close on 23 October and compulsory acquisition will commence shortly thereafter. The company noted that shareholders who accept Vector's offer prior to the end of the offer period will receive payment for their shares within seven days of acceptances being received.