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.
