TORONTO Shareholders of Dain Rauscher Corp. approved its acquisition by Royal Bank of Canada Wednesday.
The transaction, announced in September, had already been approved by regulators in Canada and the United States, so the shareholder approval closed the deal.
Each share of Dain Rauscher common stock, other than certain shares of restricted stock, will be converted into the right to receive $95 in cash. Dain will continue to operate as a stand-alone entity in the United States and will retain its management structure.
This is the latest in several U.S. investment and insurance company acquisitions by Royal Bank. In March it bought Prism Financial Corp. of Chicago, and three months later it acquired Liberty Life Insurance Co. and Liberty Insurance Services Corp. of Greenville, S.C.
Dain Rauscher generated about $1.1 billion of revenues last year. It has 1,200 private-client and institutional investment executives.
Royal Bank of Canada, a diversified global financial services group, offers personal and commercial banking, investment and trust services, insurance, corporate and investment banking, online banking, and transaction-based services, including custody.