The TPG Telecom Ltd (ASX: TPM) share price is pushing higher on Wednesday after shareholders voted in favour of its merger with Vodafone Australia.

At the time of writing the telecommunications company’s shares are up 0.5% to $9.03.

What happened at its scheme meeting?

This morning TPG Telecom held its scheme meeting and shareholders were given the opportunity to vote on a few matters.

The first was of course the proposed merger with Vodafone Australia. That merger will see TPG shareholders own 49.9% of the merged company, with the balance held by Vodafone shareholders.

Management notes that the merger brings together two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products for consumers, SMEs, and enterprises.

It will also combine their network infrastructure and enable the merged company to deliver better services and more competitive value propositions. It expects this to make it a more formidable competitor to the likes of Telstra Corporation Ltd (ASX: TLS) and Optus.

According to the AFR, shareholders voted overwhelmingly in favour of the merger, with 99.68% of proxies giving the merger their blessing.

What else were TPG shareholders voting on?

In addition to the merger, TPG shareholders were voting on a special dividend, which is expected to be in the region of 49 cents to 52 cents per share.

Unsurprisingly, shareholders have voted in favour of this dividend. They have also done the same for its plan to spin off its Singapore business, which will then be listed on the Australian share market as Tuas Limited.

What now?

This was the final true hurdle for TPG and Vodafone Australia to overcome.

The scheme will now go back to the courts to be signed off and approved on Friday, before finally going to ASIC. This puts the companies on track to complete their merger on 13 July.

More reading

• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote
• Why I think the Telstra share price could hit $4 in 2020
• Top fund manager reveals some of the best ASX shares to own
• 3 ASX 200 shares to buy for income and growth
• Why I think Telstra shares are a strong buy

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Commonwealth Bank of Australia (ASX: CBA) share price has rocketed higher in recent months but is down 13.6% this year.

That means the ASX bank share is underperforming the S&P/ASX 200 Index (ASX: XJO) which has slumped 10.9% lower in 2020.

So, is the CBA share price a steal at $69.03 per share or should you hold off buying?

Is the CBA share price a cheap buy in 2020?

It’s fair to say 2020 has been a pretty wild ride for CBA shareholders.

The Aussie bank share hit a new 52-week high of $91.05 per share in February before slumping to a 52-week low of $53.44 in the March’s bear market.

Investors were spooked by the potential impacts of the coronavirus pandemic on the Aussie banks.

Many felt that the shutdown would strain businesses and households, leading to more home loan defaults and write-downs.

That hasn’t turned out to be the case, partly due to better-than-expected public health outcomes and huge government stimulus.

So, where does that leave the CBA share price in terms of value?

At its current $69.03 per share, I don’t think CBA is either cheap or expensive. Where the ASX bank share is headed from here I think really depends on how fast the economic recovery is.

If we see a ‘V’ or ‘W’ shaped recovery, the CBA share price could approach its 52-week high again by the end of the year.

If the economy bounces back strongly, that means lower unemployment and strong debt serviceability from businesses.

There are also a couple of measures which could translate to higher earnings for the Aussie bank.

For instance, CBA automatically cut its mortgages to minimum repayments in March. That helped ease the economic burden on many households but it may also prolong the repayment period, meaning more interest income in the long-run.

Foolish takeaway

I don’t know where the CBA share price will go from its current level but I think I’m 50-50 on buying right now.

I would like to see evidence of economic recovery before investing in the ASX bank share. That could mean strong wage and employment figures or even the August earnings season.

Until then, I’ll be a close observer to see if there are more buying opportunities in the current market.

More reading

• Why the CSR share price is falling today
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• Top brokers name 3 ASX 200 shares to buy today
• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote
• Is the Woolworths share price a secret buy?

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Freedom Foods Group Ltd (ASX: FNP) share price is plummeting today in response to news of a management shake-up.

At the time of writing, Freedom Foods shares have dropped 14.06% to $3.025 after falling as much as 21.88% in morning trade.

What did Freedom Foods announce? 

This morning, the company revealed that its managing director and chief executive, Rory Macleod, is “on leave pending a further announcement that is expected to be made early next week”.

Commercial director Brendan Radford will take the reins for the time being as acting CEO. Mr Radford was previously the Australasian managing director of Rockstar Energy Drink and has 18 years of international experience in the fast-moving consumer goods (FMCG) space.

Additionally, current non-executive chairman Perry Gunner will move into an executive position on the board, in place of Mr Macleod.

Freedom Foods didn’t shed any further light on the matter, leaving many investors scratching their heads.

Mr Macleod joined Freedom Foods in 2003. Over the years, he has been involved in the company’s strategic, operational and financial development and stepped into the top job in 2012.

Today’s news follows another leadership announcement that was released after the market closed yesterday.

In yesterday’s after hours release, Freedom Foods disclosed the resignation of chief financial officer and company secretary, Campbell Nicholas.

Mr Nicholas joined Freedom Foods in September 2016. No details were provided in relation to his exit.

Stephanie Graham, general manager corporate development, has been appointed as acting CFO. Meanwhile, current non-executive director Trevor Allen has been appointed company secretary.

“The Finance team will continue to manage the usual financial controls,” Freedom Foods stated.

Including today’s drop, Freedom Foods shares have fallen just over 40% year-to-date.

More reading

• Short-sellers are stepping up their attack against these popular ASX shares
• 3 top ASX shares for growth, income, and value investors to buy today
• Can you get rich by investing $5,000 a year into ASX shares?
• 3 exciting ASX growth shares for stellar long term returns
• Top brokers are urging you to buy these ASX shares today

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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