Wilmington Trust Corp. said Tuesday that a majority of its shareholders approved the company's sale to M&T Bank Corp. in Buffalo, N.Y.

More than 93% of the votes that were cast at a special meeting approved the sale, representing about 75% of the Wilmington Trust's total outstanding shares.

Under the agreement, Wilmington Trust's shareholders will receive about 0.05 share of M&T's common stock for each share owned in a transaction valued at about $351 million.

The deal is expected to close by midyear.

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