TierOne Corp. shareholders approved an agreement late Thursday to sell the Lincoln, Neb., company, despite opposition from its largest shareholder.
CapitalSource Inc., a Chevy Chase, Md., real estate investment trust, announced a deal in May to acquire the $3.5 billion-asset TierOne for $652 million in cash and stock, or $34.46 per share.
In the months following the announcement, CapitalSource’s stock fell about 38%, prompting TierOne’s largest investor, Private Capital Management of Naples, Fla., to say it would vote against the deal. An independent advisory firm, Proxy Governance Inc. of Vienna, Va., also urged shareholders to turn down the deal.
However, this week the nation’s largest proxy firm, Institutional Shareholder Services Inc., said it supported the deal.
Regulators could approve the deal this quarter or next quarter. The TierOne brand is not expected to disappear, according to Ed Swotek, its senior vice president.
