E*TRADE stockholders approve merger agreement with Morgan Stanley
At a special meeting of stockholders held earlier today, more than 99% of the votes cast in favor of the proposal.
E*TRADE Financial Corp (NASDAQ:ETFC) announces that its stockholders have voted to adopt the merger agreement with Morgan Stanley.
At its special meeting of stockholders, which was held earlier today, more than 99% of votes were cast in favor of the proposal, based on the preliminary count of proxies returned prior to its special meeting of stockholders.
Completion of the acquisition is subject to additional customary closing conditions, including receipt of the remaining required regulatory approvals. The company expects the acquisition to close in the fourth quarter of 2020.
In February 2020, the companies announced their entry into a definitive agreement under which Morgan Stanley will acquire E*TRADE in an all-stock transaction valued at approximately $13 billion. Under the terms of the agreement, E*TRADE stockholders will receive 1.0432 Morgan Stanley shares for each E*TRADE share, which represents per share consideration of $58.74 based on the closing price of Morgan Stanley common stock on February 19, 2020.
The transaction is poised to create a leading player in Workplace Wealth, combining E*TRADE’s U.S. stock plan business with Shareworks by Morgan Stanley. This combination will enable Morgan Stanley to accelerate initiatives aimed at enhancing the workplace offering through online brokerage and digital banking capabilities, providing a significantly enhanced client experience.
