Despite rumors of a possible bidding war, NetSpend shareholders voted to approve the merger with TSYS.
From PaymentsSource:
Approximately 52.6 million, or 99.47% of the voting shares represented at the meeting, approved the acquisition plan, while nearly 229,000 shares cast votes against the measure, according to a NetSpend regulatory filing with the Securities and Exchange Commission. The total number of stock shares that were represented in person or by proxy included a small number of abstention and broker non-votes.
While other possible bidders could have made a play for the program manager, it seems none had the appetite for a price war at this time.
Click here to read more from PaymentsSource. Download the SEC filing.
