(January 10 – 11:20 ET) – Shareholders of Dain Rauscher Corp. today approved the company’s acquisition by Royal Bank of Canada.

The transaction has been approved by regulators in both Canada and the United States. In the acquisition, each share of Dain Rauscher Co common stock, other than certain shares of restricted stock, is being converted into the right to receive US$95 in cash.

Dain Rauscher will continue to operate as a stand-alone entity in the United States and will retain its existing management structure.

“The successful completion of this transaction adds further momentum to our growth strategy in the United States. We welcome the arrival of Dain Rauscher and its 3,800 employees and look forward to working with them. They add an important and dynamic new dimension to our wealth management and investment banking businesses in the U.S.,” said John Cleghorn, chairman and CEO of Royal Bank.

Dain Rauscher is one of the largest regional full-service securities firms in the U.S. with 1,200 private client and institutional investment executives. Revenues in 2000 were approximately US$1.1 billion.
-IE Staff