GAIN Capital Holdings, Inc., a global provider of online trading services, announced that the company’s stockholders voted on Friday to approve the set forth in February merger.
As per the agreement, financial services provider INTL FCStone would acquire Gain for $6.00 per share in all-cash transaction, amounting to approximately $236 million in equity value. NTL FCStone has also agreed to make an offer at closing to repurchase GAIN Capital’s $92 million convertible notes due 2022 as part of the transaction.
Nearly 83.2% of Gain’s shares issued and outstanding as of 23 April 2020, end of business, were present at the stockholder meeting. Close to 71.2% of GAIN’s shares issued and outstanding voted in favor of adopting the Merger Agreement, making up 85.7% of the votes cast.
Gain Capital expects the merger to be completed during the third quarter of 2020.
Financial services provider INTL FCStone stated in a filing to US Securities and Exchange Commission earlier in May that it plans to rebrand as StoneX Group Inc. The change is pending shareholder approval. The company said that its current name reflects the merger between International Assets Holding Corporation and FCStone Group from 2011. After operating with the same name for nine years, the board is planning to adopt a new corporate name.
