Edmonton-based CWB says shareholders approve National Bank takeover
Edmonton-based CWB says the vote at the special meeting Tuesday was 99.78 per cent in favour of the all-share deal.
Canadian Western Bank (CWB) has announced that its shareholders have overwhelmingly approved the company's sale to the National Bank of Canada.
At a special meeting held on Tuesday, Edmonton-based CWB reported that 99.78 percent of the votes cast were in favor of the all-share transaction.
The two banks first unveiled the proposal in June, which would see Montreal-based National Bank acquire mid-sized CWB at a valuation of approximately $5 billion.
This deal offers a premium of more than 100 percent compared to CWB's stock price before the announcement.
The acquisition will enable National Bank to extend its presence further west by incorporating CWB's operations, which are primarily focused on Alberta and British Columbia.
The proposal is still subject to regulatory approval, but if granted, the deal is expected to close next year.
