Afterpay gets shareholder nod for Block Inc buyout; majority of proxy votes in favour of deal
Reuters
Published Dec 13, 2021 22:49
Updated Dec 13, 2021 23:05
(Reuters) - Buy now pay later firm Afterpay Ltd said on Tuesday its $29 billion buyout by Block Inc, previously known as Square (NYSE:SQ), got overwhelming support from shareholders, with 99.79% of the proxy votes cast in favour of the deal.
Afterpay delayed the vote earlier this month as payments firm Block awaited regulatory approval from the Bank of Spain. While Block has still not got the approval, Afterpay said it got court orders to hold a meeting to amend the conditions of the deal.
The Bank of Spain approval has to come by April 14 next year to close the deal.
If the deal closes, it will be Block's biggest to date and the largest buyout ever of an Australian firm. Block's investors have already approved the deal.
Twitter Inc (NYSE:TWTR) co-founder Jack Dorsey is expected to focus on Block, which was also founded by him, after stepping down as CEO of the social media platform.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.