F&C Sale To BMO Approved

Mar 26 2014 | 10:42am ET

F&C Asset Management has the backing of its shareholders for a £708 million sale to the Bank of Montreal, the firm said yesterday.

F&C said an overwhelming 99.6% of shares voted in favor of the deal, which was announced in January. The merger will close on May 6.

The vote puts to rest speculation that Elliott Management might seek to drive up BMO’s price or to find a rival bidder. Elliott last month bought an 11% derivatives stake in F&C.


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