Following weeks of speculation and opposition by some notable shareholders, Gain Capital held its stockholder vote on the proposed $236 million acquisition of the company by INTL FCStone on Friday. And, Gain shareholders overwhelmingly approved the $6-per-share all-cash deal.

Gain reported that fully 85.7% of votes cast were in favor of the acquisition, and just 14.3% against. With 83.2% of shares being represented at the vote, basic math dictates that 71.2% of all GCAP shares voted in favor of the acquisition.

The deal to buy Gain Capital, which owns the coveted Forex.com global retail forex brand and the UK-centric City Index online trading operation, still needs to be approved by regulators in several countries but chiefly in the US and the UK. Both companies expect those approvals to be received (and the deal to close) at some point during Q3.

Those of you who have been following the FCStone-Gain deal saga here on FNG shouldn’t have been surprised by the result of the vote, as we’ve opined several times that tracking Gain’s share price gave a good indication of whether or not the deal (as constituted) would go ahead. Last month when GCAP shares hit $6.72, it appeared that “the market” was betting on an improved offer by FCStone, or a breakup of the deal altogether. However GCAP shares have drifted downward since mid-May, closing Friday at a 5-week low of $6.09, indicating that most of the speculative “action” in the stock had dried up – and it looked (from the market’s perspective) as though the deal would get approved by Gain shareholders. Which happened.

It is unclear what some of the key Gain shareholders who opposed the deal – notably Neustrada Capital (which owns about 1%) and JB Capital (which owns a larger 7.7% chunk) – will now do, if anything, to try to derail the deal. However absent legal action there doesn’t seem much that they can do, now that such as large majority of shareholders voted in favor of the transaction.