Virgin Cash shareholders have voted to acknowledge the £2.9bn present from Nationwide to buy the group, which is able to produce the 2nd-major home loan provider within the British isles.
The homeowners of the excessive avenue lender handed the shift with an 89% majority in favour of the money give you established out by the mutual.
The firms function to complete the sale by the tip of the yr.
Virgin Revenue chairman David Bennett states: “The board of Virgin Funds welcomes the result of the shareholder conferences that took location beforehand these days, the place by shareholders voted strongly in favour of the advisable earnings acquisition by Nationwide.
“We are hopeful that the transaction will complete proper earlier than the conclusion of the calendar yr, subject to the outstanding conditions getting glad.”
Nationwide prospects won’t vote on the provide.
The shock provide, launched in March, will see Nationwide provide the Virgin Money shareholders 218p in money and a 2p dividend to be paid on this monetary yr, or, if beforehand, quickly simply earlier than the completion of the takeover.
The provide was a 38% top quality to Virgin Money’s 159.1p closing promoting value of pence on 6 March, the working day previous to the deal was launched.
Nationwide concepts to terminate the Virgin mannequin instantly after 4 a number of years and will rebrand the lender in regards to the subsequent two yrs.
Earlier this thirty day interval, The Co-operative Bank claimed its £780m takeover talks with Coventry Building Society are at a “properly superior” stage.
Coventry Building Society’s proposed takeover of the Co-op Bank, launched in April, would develop a merged group with £89bn in belongings.
