Hong Kong-based hedge fund Oasis Management, which has about 10% stake in Alpine, had opposed the merger, claiming that the stock swap ratio was too low. Oasis had proposed paying a dividend of 300 yen ($2.66) per share on condition of rejecting the merger, but could not obtain the necessary support from other shareholders.
At the meeting, a company proposal of paying a dividend of 100 yen per Alpine share was also approved.
Alps and Alpine will merge through stock swaps on Jan. 1, 2019. Alpine shareholders will receive 0.68 Alps share per Alpine share. The merged company will be named Alps Alpine.
Alps appears to have obtained shareholders support by proposing increased payouts, including 40 billion yen worth of stock buybacks after the merger.
Alpine shares will be delisted on Dec. 26, following the merger.