Virgin Funds shareholders have voted to just accept the £2.9bn takeover provide from Nationwide, which can generate the next-greatest residence finance mortgage monetary establishment within the Uk.
The homeowners of the excessive highway mortgage supplier handed the go along with an 89% the overwhelming majority in favour of the money give established out by the mutual.
The corporations function to finish the sale by the shut of the calendar yr.
Virgin Income chairman David Bennett says: “The board of Virgin Dollars welcomes the consequence of the shareholder conferences that took spot beforehand proper now, wherever shareholders voted strongly in favour of the suggested funds acquisition by Nationwide.
“We are hopeful that the transaction will full earlier than the shut of the yr, topic to the very good illnesses getting happy.”
The shock provide, introduced in March, will see Nationwide present the Virgin Cash shareholders 218p in cash and a 2p dividend to be paid on this monetary yr, or, if beforehand, quickly simply earlier than the completion of the takeover.
The give was a 38% high quality to Virgin Money’s 159.1p closing value of pence on 6 March, the day upfront of the deal was introduced.
Nationwide concepts to terminate the Virgin mannequin quickly after 4 a very long time and will rebrand the monetary establishment concerning the following two a number of years.
Nationwide customers is not going to vote on the provide.
Previously this thirty day interval, The Co-operative Bank claimed its £780m takeover talks with Coventry Making Modern society are at a “properly superior” stage.
Coventry Building Society’s proposed takeover of the Co-op Bank, declared in April, would develop a merged group with £89bn in belongings.
