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CYBG, Virgin Money shareholders approve merger

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CYBG, Virgin Money shareholders approve merger

Shareholders of CYBG PLC and fellow lender Virgin Money Holdings (UK) PLC approved the former's all-share offer for the latter Sept. 10.

The two banks initially entered negotiations to combine the entirety of their shares in May and agreed on a £1.7 billion takeover offer from CYBG in June. Shareholders owning more than 99.9% of shares approved the relevant deal-related votes on both sides, while over 96% of CYBG's shareholders accepted motions relating to Additional Tier 1 securities.

The two lenders anticipate deal completion by the fourth quarter. The offer remains subject to approval from the Prudential Regulation and Financial Conduct authorities.