Afterpay (ASX:APT) share price in focus as Square vote confirmed for next week

Afterpay shareholders will soon get their say on a monumental takeover.

| More on:

Today was once expected to be a massive day for Afterpay Ltd (ASX: APT) and its share price, with its investors set to go to the polls on Square Inc‘s (NYSE: SQ) takeover.

However, the monumental vote was delayed – and now we know when it will take place.

At the time of writing, the Afterpay share price is $98.24.

Could this impact the Afterpay share price today?

Investors likely pencilled today’s date into their calendar early last month in the expectation Afterpay’s impending takeover will be going to a shareholder vote this morning.

However, last week the vote was pushed back. The company has today revealed when it will go ahead.

Shareholders, dismiss your last mark and circle next Tuesday – 14 December. You’ll have your say at 9am AEDT that morning.

All eyes will be on the Afterpay share price then as the takeover faces yet another potential hurdle.

Afterpay is still planning for the takeover to go ahead in the first quarter of 2022.

The hold up is due to Spain’s central bank. The takeover is conditional on its approval, which it hasn’t yet given.

Afterpay previously stated it expects the Bank of Spain will give its approval in the middle of next month. Though, its deadline isn’t until mid-February.

The bank regulates a European subsidiary of Afterpay, Pagantis. The subsidiary provides Afterpay with the regulatory licencing needed to operate in European Union member states.

The acquisition passed a major milestone last month when shareholders of Square – soon to be renamed ‘Block’approved the issuance of new stock for the all-scrip transaction.

Today, the company will go ahead with its plan to open the scheduled scheme meeting, wherein shareholders were originally expected to vote, before immediately adjourning it.

While the happening is not price-sensitive, it could inspire interest in Afterpay, thereby affecting its share price.

The meeting will be opened and adjourned by the company’s chair, Elana Rubin.

Should you invest $1,000 in Afterpay right now?

Before you consider Afterpay, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Afterpay wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on BNPL shares