Mr. Cooper Group Inc. shareholders voted to adopt the company’s pending merger agreement with Rocket Companies, Inc. at a special meeting held Sept. 3. Voting shareholders were divided on the proposed non-binding terms for merger-related compensation.
Under the terms of the merger agreement, Mr. Cooper stockholders are entitled to receive 11 shares of Rocket Class A common stock for each share of Mr. Cooper common stock. Additionally, Mr. Cooper may declare and pay a dividend of $2per share of Mr. Cooper common stock prior to the effective time of the transaction.
According to a filing with the Securities and Exchange Commission, 50,553,665.02 Mr. Cooper stockholders voted for the merger proposal, 23,017 voted against and 123,555 abstained. Ultimately, stockholders approved the proposal to adopt the agreement and the merger plan, dated March 31.
For the merger-related compensation proposal — which proposes what compensation may be paid or become payable to the company’s named executive officers — 30,630,560.02 were for the proposal, 19,810,669 were against and 295,008 abstained.
Notably, approval of the merger-related compensation proposal is not a condition for the completion of the merger and was advisory only.
Completion of the acquisition of Mr. Cooper by Rocket remains subject to the satisfaction or waiver of the remaining closing conditions.