Midshires members vote for takeover

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The Independent Online
MEMBERS OF Birmingham Midshires yesterday voted overwhelmingly in favour of a pounds 750m agreed bid from Halifax, writes Andrew Verity.

Of 750,000 members eligible to vote, 525,000 investing members voted in favour of accepting the bid, while 25,000 voted against. Of borrowing members, 50,000 voted in favour and 3,000 against. The vote in favour comfortably exceeded the minimum for societies planning to demutualise, imposed in last year's Building Societies Act.

Ian Kerr, chief executive, said: "We are delighted members have chosen to back the transfer to the Halifax."

Most of Midshires' 950,000 members will receive just pounds 400 under the society's plans to distribute windfalls following the takeover next April. Long- standing savers will get an average of pounds 1,250 each.