02:29 PM EST, 02/08/2023 (MT Newswires) -- Home Capital Group (HCG.TO) Wednesday said its shareholders overwhelmingly voted in favour of the proposed acquisition of the mortgage lender by privately held Smith Financial Corp, with investors attending a special meeting casting more than 26.3 million - or roughly 99.8% - of their shares for the deal.
The special resolution authorizing the deal needed to carry 66.7% of the shares cast, with the $1.67 billion proposal now moving to Ontario Superior Court of Justice for a hearing scheduled for Thursday. The transaction calling on Smith Financial to pay $44 in cash for each Home Capital share also is subject to reviews by banking and anti-trust regulators before closing.
The companies anticipate closing the Home Capital buyout by mid-year.
Home Capital shares were nearly 0.3% Wednesday afternoon.
Price: 41.96, Change: -0.11, Percent Change: -0.26