Almost all SFG Australia shareholders have voted in favour of IOOF’s takeover of the business.

At a vote on Friday only two shareholders rejected the proposal, amounting to 0.57% of the share register.

The Federal Court will rule on the takeover on Wednesday, and if it backs the move SFG shares will be suspended.

It is expected the deal will be completed on August 20.

SFG shareholders have until August 14 to decide whether to swap their holdings for IOOF shares or take the cash alternative.

The company was formed in 2011 from a merger of Shadforth Financial Group and Snowball Group. Shadforth dates back to 1924, while Snowball was founded in 1999.

IOOF is one of Australia’s oldest financial services companies, founded in 1846 as a friendly society. It demutualised in 2002.