KBW (KBW) announced that KBW stockholders voted overwhelmingly in favor of the proposals relating to the proposed merger with Stifel Financial Corp. At the duly held special meeting, 99% of the shares present or represented by proxy (which constituted 79% of all outstanding shares on the record date) were voted in favor of a proposal to adopt the agreement and plan of merger dated as of November 5, 2012, among KBW, Stifel, and two wholly-owned subsidiaries of Stifel, SFKBW One, and SFKBW Two. The non-binding, advisory vote to approve certain compensation arrangements for KBW's named executive officers in connection with the merger also received favorable support as 74% of the shares present in person or represented by proxy at the special meeting voted in favor of the proposal. The approval of the stockholders of KBW was one of the remaining conditions to the closing of the merger. The merger is still subject to other customary closing conditions. KBW and Stifel currently expect to close the merger on or about February 15.
- Mergers, Acquisitions & Takeovers