Online trading and banking firm E*Trade Financial Corporation (NASDAQ:ETFC) has announced that its stockholders have voted to adopt the merger agreement with Morgan Stanley, a leading global financial services firm.
In its special meeting of stockholders, which was held earlier today, the company said that more than 99% of votes were cast in favor of the proposal, based on the preliminary count of proxies returned prior to its special meeting of stockholders.
The final voting results will be publicly filed with the Securities and Exchange Commission on a Form 8-K within four business days.
The all-share transaction will see E*Trade shareholders receive 1.0432 shares of Morgan Stanley common stock for each ETFC share. At current market prices that values E*Trade at just over $12 billion.
Completion of the acquisition is subject to additional customary closing conditions, including receipt of the remaining required regulatory approvals. The company expects the acquisition to close in the fourth quarter of 2020.