A&L today announced that at the meeting convened by direction of the Court and held earlier today, and at the subsequent Extraordinary General Meeting of shareholders to approve the proposed scheme of arrangement between the Company and the holders of Scheme Shares to implement the acquisition of the Company by Banco Santander, S.A., all resolutions were passed by the requisite majority on a poll.
The European Commission also granted approval for the transaction under the EC Merger Regulations on 15 September, 2008. Subject, amongst other things, to High Court approval, the Scheme is expected to become effective on Friday 10 October 2008 and dealing in the new shares of Banco Santander, S.A. is expected to commence on Tuesday 14 October 2008.
Commenting on the Court Meeting and EGM results, Roy Brown, Acting Chairman of Alliance & Leicester plc, said: "We welcome our shareholders' approval of the offer from Santander, which was unanimously recommended by the Board of Alliance & Leicester. The economic outlook and continuing uncertainty in financial markets have reinforced the Board's view that this transaction is in the best interests of shareholders, customers and other stakeholders.
"Should all approvals go through on time, Alliance & Leicester will become a wholly owned subsidiary of Banco Santander from 10 October 2008."
