KBW, Inc. (KBW: Quote) said Tuesday that its shareholders have voted in favor of the proposals relating to the proposed merger with Stifel Financial Corp. (SF: Quote).
In November, Stifel Financial and smaller rival KBW have entered into a definitive merger agreement valued at over $575 million to create a premier middle-market investment bank with a specialized focus on the financial services industry.
Under the deal, KBW shareholders will receive $17.50 per share, comprised of $10.00 per share in cash and $7.50 per share in Stifel common stock. Holders of some restricted KBW shares, which will continue to vest post closing, will receive $17.50 in Stifel common stock.
The KBW shareholder approval was one of the remaining conditions to the closing of the merger. The merger is still subject to other customary closing conditions.
KBW and Stifel currently expect to close the merger on or about February 15.
by RTT Staff Writer
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