Capital One Financial (COF) and Discover Financial Services (DFS) shareholders voted to approve the proposed business combination, bringing the $35 billion, all-stock transaction one step closer, the companies said Tuesday.
The resolution received approvals from 99.8% of the shares cast at a special Capital One meeting Tuesday, while 99.3% of Discover shares at its respective meeting voted to approve the deal.
The deal, which previously was approved by state banking regulators in Delaware, calls for Capital One to issue 1.0192 of a share in exchange for each Discover share, representing a nearly 27% premium for the target company's shares based on Discover's closing price of $110.49 per share on Feb. 16, 2024.
Approval by the governors of the Federal Reserve System and the Office of the Comptroller of the Currency still are pending. Last week the companies said in a regulatory filing that the deadline for closing the merger will automatically be extended to May 19.
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