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Gain Capital-INTL FCStone Merger Gets Shareholders' Nod
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In a special meeting, GAIN Capital Holdings, Inc.’s shareholders have approved of its merger deal with INTL FCStone Inc. The transaction, announced on Feb 26, is expected to close in the second half of 2020 subject to regulatory consents.
Per the terms of the all-cash deal, Gain Capital’s shareholders will receive $6 per share for every share of Gain Capital. Thus, this represents an equity value of about $236 million. Post completion, Gain Capital will become a wholly-owned subsidiary of INTL FCStone.
As of Apr 23, 2020 (the record date for participation in the special meeting), 83.2% of Gain Capital’s shareholders attended the meeting either by person or by proxy, with 71.2% voting in favor of the proposal. This figure represents 85.7% of the votes cast.
At the time of announcing the transaction, Glenn Stevens, CEO of GAIN Capital had said, “GAIN was founded over 20 years ago with the intention of providing traders with low-cost access to foreign exchange markets. By joining INTL, we see an incredible opportunity to leverage their capabilities and ecosystem of products, and to deliver an even more comprehensive offering to our customers.”
Shares of Gain Capital have appreciated 53.4%, so far this year, as against the 5.1% decline recorded by the industry.
The coronavirus pandemic has put a break on merger deals in the year so far. Per a recent report by S&P Global Market Intelligence, only deals worth $6.5 billion were announced till May compared with the $36.4 billion announced during the same period last year. Some of the notable merger deals announced by U.S. banks include South State Corporation’s (SSB - Free Report) merger with CenterState Bank Corp and FB Financial Corporation’s (FBK - Free Report) merger with Franklin Financial Network in January, as well as and Pacific Premier Bancorp’s (PPBI - Free Report) merger with Opus Bank in February.
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Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Gain Capital-INTL FCStone Merger Gets Shareholders' Nod
In a special meeting, GAIN Capital Holdings, Inc.’s shareholders have approved of its merger deal with INTL FCStone Inc. The transaction, announced on Feb 26, is expected to close in the second half of 2020 subject to regulatory consents.
Per the terms of the all-cash deal, Gain Capital’s shareholders will receive $6 per share for every share of Gain Capital. Thus, this represents an equity value of about $236 million. Post completion, Gain Capital will become a wholly-owned subsidiary of INTL FCStone.
As of Apr 23, 2020 (the record date for participation in the special meeting), 83.2% of Gain Capital’s shareholders attended the meeting either by person or by proxy, with 71.2% voting in favor of the proposal. This figure represents 85.7% of the votes cast.
At the time of announcing the transaction, Glenn Stevens, CEO of GAIN Capital had said, “GAIN was founded over 20 years ago with the intention of providing traders with low-cost access to foreign exchange markets. By joining INTL, we see an incredible opportunity to leverage their capabilities and ecosystem of products, and to deliver an even more comprehensive offering to our customers.”
Shares of Gain Capital have appreciated 53.4%, so far this year, as against the 5.1% decline recorded by the industry.
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The coronavirus pandemic has put a break on merger deals in the year so far. Per a recent report by S&P Global Market Intelligence, only deals worth $6.5 billion were announced till May compared with the $36.4 billion announced during the same period last year. Some of the notable merger deals announced by U.S. banks include South State Corporation’s (SSB - Free Report) merger with CenterState Bank Corp and FB Financial Corporation’s (FBK - Free Report) merger with Franklin Financial Network in January, as well as and Pacific Premier Bancorp’s (PPBI - Free Report) merger with Opus Bank in February.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>