Greater Bay sets date for shareholders to vote on merger with Wells Fargo

By Lisa Kerner

Charlotte, N.C., Aug. 23 - Greater Bay Bancorp's board of directors approved a merger of the company with Wells Fargo & Co. and recommends its shareholders also approve the deal at a special meeting on Sept. 26 beginning at 12:30 p.m. ET.

The record date for the meeting is Aug. 13, according to a form 424B3 filing with the Securities and Exchange Commission.

Wells Fargo shareholders are not required to vote in order to complete the merger.

Under the merger agreement, Greater Bay shareholders will receive shares of Wells Fargo common stock for their shares of Greater Bay common stock. The exchange ratio will be based on an average share price for Wells Fargo common stock for the 10 consecutive trading days immediately before the special meeting.

Total value of the transaction is estimated at $1.5 billion.

The merger, slated to close in the fourth quarter, is expected to be tax free to Greater Bay shareholders for U.S. federal income tax purposes.

Greater Bay is a Palo Alto, Calif.-based financial services company.

Wells Fargo is a financial services company based in San Francisco.

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