F&C Asset Management’s shareholders have approved a £708 million takeover by the Bank of Montreal (BMO).
F&C said that almost 99.6% of its shareholders have voted in favour of the proposal, well above the 75% threshold required.
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The takeover is expected to be completed on 7 May subject to regulatory approval.
As part of the deal, F&C shares will be suspended after the market close on May 6 and its shareholders will receive 120p per share with a 2p dividend included.
Richard Wilson CEO of F&C said: "The vote reflects our view that this is an attractive transaction for both companies and will prove to be an excellent strategic, financial and cultural fit.
"The proposed transaction with BMO will give F&C the backing to accelerate our plans. F&C will become the European centrepiece to deliver this growth."
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By GlobalDataMeantime, Elliott Associates has built its stake in F&C Asset Management to 20% through derivatives, ahead of the proposed sale of F&C.
