Income Streams III Corporation announced the final regulatory approval for its merger into Dividend 15 Split Corp. The announcement was made by the Board of Directors of Income Streams III. This was according to a press release published by Yahoo Finance.

During the company's shareholder meeting on July 10, 2013, 97% of voting shareholders approved the transaction. The merger is set to take place around December 1, 2013, the press release said.

Under the timeline of the merger, all Capital Yield and Equity Dividend shares that are outstanding on December 1, 2013 will be exchanged automatically into Dividend 15 units in equivalent dollar amount, Yahoo Finance reported.

Dividend 15 Split Corp is an investment corporation designed to pay monthly cash dividends. The company invests mainly in portfolios of 15 high quality Canadian firms with dividend yields. The firm is based in Ontario, Canada. This was according to Dividend 15's profile on its website.