Marshall & Ilsley Corp. announced today that a special meeting of its shareholders will be held on Thursday, Oct. 25, to vote upon its proposal to spin off its Metavante Corp. subsidiary into an independent public company.
The meeting will take place at 10 a.m. at Marshall & Ilsley's headquarters in downtown Milwaukee at 770 N. Water St.
Holders of record of Marshall & Ilsley's common stock as of Sept. 19, the record date for the special meeting, are entitled to notice of and to vote at the special meeting.
Brown Deer-based Metavante, a banking technology company, has an estimated value of $4.25 billion. The transaction is expected to reap about $1.7 billion in new revenue for Marshall & Ilsley, and that additional capital could be used to help the parent company of M&I Bank continue to acquire other banks.
Marshall & Ilsley received a favorable private letter ruling from the Internal Revenue Service concerning the transaction on Sept. 12. In addition, the applicable Hart-Scott-Rodino waiting period expired on July 24.
Assuming the satisfaction of all remaining closing conditions, Marshall & Ilsley expects to complete the transaction in the fourth quarter of 2007.
The Marshall & Ilsley board of directors has unanimously recommended that shareholders vote to approve the transaction.
M&I sets shareholder meeting for Metavante spinoff
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