Susquehanna Bancshares shareholders indeed voted by an “overwhelming” margin in favor of their firm being acquired by BB&T.
Lititz-based Susquehanna disclosed the tally from Friday’s shareholder vote in a federal filing on Monday.
Nearly 144.9 million of Susquehanna’s 182.1 million shares outstanding were cast in favor of the acquisition, or 79.6 percent.
Some 1.2 percent of shares, or 2.3 million, were cast against. Some 0.6 percent of shares, or 1.1 million, were cast as abstaining.
To win approval of the shareholders, at least 66.7 percent of the outstanding shares, or 121.4 million shares, had to be cast in favor. So the proposal easily got more than enough support to pass.
The support among shareholders looks far stronger when only shares voted are considered. The 144.9 million shares voted “yes” translates to 97.7 percent of all shares voted.
In reporting the vote Friday, Susquehanna said nearly 80 percent of the outstanding shares were cast in favor, but the exact tally was not immediately available. CEO William J. Reuter said the firm was “pleased” with the “overwhelming support” from shareholders for the transaction.
However, support was less robust for the extra pay that Susquehanna executives could receive from the acquisition.
In an advisory vote, 122.8 million votes were cast in favor of the extra pay. That equals 67.4 percent of outstanding shares.
LNP reported in January that the acquisition could trigger $20.2 million in “golden parachute” payments for Susquehanna’s top four executives.
BB&T intends to buy Susquehanna for $2.5 billion in cash and stock. The deal, announced in November, is expected to be completed in the second half of 2015.