Auswide Bank (ASX:ABA) said its shareholders approved the acquisition of the bank by MyState Bank, a unit of MyState (ASX:MYS), in a meeting on Monday, according to a same-day Australian bourse filing.
The company said 93.51% of the votes cast by its shareholders at the meeting were in favor of the acquisition via a scheme of arrangement.
Auswide said it will now apply for approval of the scheme to the Supreme Court of New South Wales on Friday.
If it receives a nod from the court, it will lodge the orders with the Australian Securities and Investments Commission on Feb. 10. Its shares are expected to be suspended from trading as of market close on the same day.
Shares of Auswide Bank fell past 3% in recent trading on Monday, while MyState's shares were down almost 4%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.