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Sky Announces Shareholder Approval of Merger with Huntington Sky Announces Shareholder Approval of Merger with Huntington Bowling Green, Ohio, June 4 /PRNewswire-FirstCall/ -- Sky Financial Group, Inc. (Nasdaq: SKYF) is pleased to report that its shareholders approved the Agreement and Plan of Merger, previously announced in December 2006, by and between Huntington Bancshares Incorporated and Sky Financial Group, Inc. Votes cast in favor of the proposed transaction represented 60% of the total shares eligible to vote. Of the votes cast, 97.8% were voted in favor of the proposal.
Under the terms of the agreement, for each share of Sky Financial Group stock, shareholders will receive 1.098 shares of Huntington common stock and a cash payment of $3.023.
Management anticipates that the merger of Sky Financial Group with and into Huntington Bancshares Incorporated will occur in early July, pending final regulatory approval. The merger of Sky Bank into Huntington National Bank is anticipated late in the third quarter. Following the merger in July, the combined company, Huntington Bancshares Incorporated, will become the 24th largest domestically controlled bank in the country, based on asset size.
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