F&C's shareholders have approved the takeover of the company by the Bank of Montreal following a vote held today.
F&C announced on 27 January it had agreed a 120p per share cash offer with Bank of Montreal (BMO), valuing the business at £708m. Shares jumped 22% on the day of the news. Today, 99.7% of shareholder base approved the deal, well above the 75% threshold needed. F&C said in a statement following the vote that the takeover should complete on 7 May. F&C's shares will be suspended the day before. CEO Richard Wilson said the firm would become the centre piece of BMO's expansion into European asset management. "It is clear that BMO share our passion for focussing on our clients' needs...
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