The Australian Stock Exchange (ASX) has accepted a $1.5 billion bid from the Sydney-based SFE to merge the two exchanges.
Though some speculated the deal would fall through when over 25% disagreed with the proposal that current CEO of ASX, Tony D’Aloisio would stay on after the merger, shareholders accepted the offer, appointing SFE’s Robert Elstone instead.
Shareholders also accepted the bid despite ASX earlier declining to raise their offer above $1.5 billion.
The combined exchange will be the Asia-Pacific region’s third largest exchange.
Shares in ASX rose by 0.7% following the announcement of the deal, while SFE shares dropped 2.3%.