Aldermore Group Plc said most of its shareholders voted at a court and general meeting to approve FirstRand Ltd.'s offer to acquire the British challenger bank.
Completion of the transaction remains subject to the satisfaction or waiver of other conditions, including the court sanctioning the scheme of arrangement, which is expected to take place in the first quarter of 2018, Aldermore noted.
FirstRand unit FirstRand International Ltd. and Aldermore earlier agreed on the terms of a cash offer for the entire issued and to-be-issued ordinary share capital of Aldermore for 313 pence per share, valuing the bank at approximately £1.1 billion. Due to goodwill arising from the acquisition, FirstRand said it expects unit FirstRand Bank Ltd.'s common equity Tier 1 ratio to be reduced by between approximately 90 basis points and 130 basis points.
