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Afterpay gets shareholder nod for Block Inc buyout; majority of proxy votes in favour of deal -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A woman holding a smartphone in front a Afterpay logo is shown in this illustration, taken on August 2, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Afterpay Ltd, a buy-now, pay later company, announced Tuesday that Block Inc’s $29 billion purchase of Square was supported by shareholders with 99.79% voting in favor of the transaction.

Followingpay delayed the vote in March because Block, a payments firm, waited for approval from Bank of Spain. Afterpay claimed that it received court orders to meet with the courts to modify the terms of the agreement. However, Block still has not been approved.

To close the deal, approval must be received by Bank of Spain before April 14, next year.

Block will complete the transaction, which would be the company’s largest to-date and also the largest ever buyout by an Australian firm. Block’s investors approved the deal already.

Twitter Inc (NYSE:) Jack Dorsey, co-founder of Block after his departure as CEO, is likely to concentrate on that social media platform’s Block.

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