National Gypsum’s holders approved a buy-out.

The company, which had been a target of a tender offer by Wickes Cos., will be acquired by a management-led group. Shareholders approved the leveraged buy-out, worth about $72 a share, at a special meeting in Dallas that had been rescheduled twice because of a bidding contest touched off by Wickes’ surprise $54-a-share tender offer April 8. The management group, led by Chairman and Chief Executive John P. Hayes, subsequently raised its offer twice. The final offer--$46 cash per share plus discounted debentures--was recommended by the company.