|[February 12, 2013]
KBW, Inc. Stockholders Approve Proposed Merger with Stifel Financial Corp.
NEW YORK --(Business Wire)--
KBW, Inc. ("KBW") (NYSE: KBW) announced today that KBW stockholders
voted overwhelmingly in favor of the proposals relating to the proposed
merger with Stifel Financial Corp. ("Stifel"). At the duly held special
meeting today, 99 percent of the shares present or represented by proxy
(which constituted 79 percent of all outstanding shares on the record
date) were voted in favor of a proposal to adopt the agreement and plan
of merger dated as of November 5, 2012, among KBW, Stifel, and two
wholly-owned subsidiaries of Stifel, SFKBW One, Inc. and SFKBW Two, LLC.
The non-binding, advisory vote to approve certain compensation
arrangements for KBW's named executive officers in connection with the
merger also received favorable support as 74 percent of the shares
present in person or represented by proxy at the special meeting voted
in favor of the proposal.
The approval of the stockholders of KBW was one of the remaining
conditions to the closing of the merger. The merger is still subject to
other customary closing conditions. KBW and Stifel currently expect to
close the merger on or about February 15, 2013.
KBW, Inc., headquartered in New York, operates in the U.S. and Europe
through its broker dealer subsidiaries, Keefe, Bruyette & Woods, Inc.
and Keefe, Bruyette & Woods Limited. Celebrating its 50th anniversary,
KBW has established itself as a leading independent authority in the
banking, insurance, brokerage, asset management, mortgage banking, real
estate and specialty finance sectors. Founded in 1962, the firm
maintains industry-leading positions in the areas of research, corporate
finance, mergers and acquisitions as well as sales and trading in
equities and debt securities of financial services companies.
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