Shareholders of Two Harbors Investment Corp. on July 27 approved the issuance of the company's common stock pursuant to the terms of the merger agreement with CYS Investments Inc.

The deal is expected to close July 31.

Under the terms of the deal, each outstanding CYS common share will be converted into the right to receive 0.4680 newly issued Two Harbors common share and cash consideration of 9.65 cents per share.

CYS' common stock is expected to be delisted on the New York Stock Exchange after the close of trading July 31. Two Harbors' common stock will continue to trade on the NYSE under its existing symbol TWO.