Shareholders approve Canadian Western Bank takeover by National Bank

Canadian Western Bank says shareholders have overwhelmingly voted in favour of a sale of the company to National Bank of Canada.

 

Edmonton-based CWB says the vote at the special meeting Tuesday was 99.78 per cent in favour of the all-share deal.

 

The two banks announced the proposal in June that would see Montreal-based National Bank take over mid-sized CWB at a roughly $5 billion valuation.

The deal represented a more than 100 per cent premium to where CWB was trading before the deal was announced.

 

The takeover would see National Bank expand further westward as it takes on CWB’s Alberta and B.C.-focused operations.

 

The proposal still requires regulatory approval, but if secured the deal is expected to close next year.

 

 

 

 

This article was first reported by The Canadian Press

Companies in this story: (TSX:CWB; TSX:NA)