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91原创 Western Bank shareholders approve National Bank takeover

EDMONTON 鈥� 91原创 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.
91原创 Press
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The 91原创 Western Bank logo is shown in this undated handout photo. 91原创 Western Bank says shareholders have overwhelmingly approved a sale of the bank to National Bank of Canada. THE CANADIAN PRESS/HO, 91原创 Western Bank *MANDATORY CREDIT*

EDMONTON — 91原创 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 report by The 91原创 Press was first published Sept. 3, 2024.

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

The 91原创 Press