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Global Payments/Total System Services deal gets shareholder approvals

Total System Services Inc.'s pending merger with and into Global Payments Inc. was approved by their respective shareholders at separate special meetings held Aug. 29.

Global Payments shareholders also approved proposed amendments to the company's articles of incorporation to increase the number of authorized Global Payments common shares to 400 million from 200 million effective upon and immediately prior to the completion of the merger, and to declassify the company's board and provide for annual elections of directors effective upon the completion of the merger.

Total System Services shareholders approved, on an advisory basis, an amendment to Global Payments' articles of incorporation to declassify Global Payments' board and provide for the annual election of directors.