14 DAY TRIAL // Several months ago, Internet giant Google announced plans to purchase handset vendor Motorola Mobility, and a new step towards the completion of this deal was made.
During the Company’s Special Meeting of Stockholders held on November 17th, Motorola Mobility stockholders voted in favor of the merger with Google.
The mobile phone maker also announced that 99 percent of the shares at the meeting voted in favor, which involved around “74 percent of Motorola Mobility’s total outstanding shares of common stock as of the October 11, 2011.”
This is an overwhelming percentage, that's for sure, and have cleared the path towards closing the deal between the two.
“We are pleased and gratified by the strong support we have received from our stockholders, with more than 99 percent of the voting shares voting in support of the transaction.,” Sanjay Jha, chairman and CEO of Motorola Mobility, said.
“We look forward to working with Google to realize the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners.”
For those out of the loop, we should note that Motorola and Google entered into a definitive agreement for Google to purchase Motorola Mobility for $40.00 per share in cash, or for a total of around $12.5 billion.
The merger is expected to be completed by early 2012, if not in late 2011, yet it will all depend on the receiving of the necessary regulatory approvals.
“While the Company continues to work to complete the transaction as expeditiously as possible, given the schedule of regulatory filings, it currently believes that the close is expected to occur in early 2012,” Motorola Mobility explains.
“It is important to note however, that the merger is subject to various closing conditions, and it is possible that the failure to timely meet such conditions or other factors outside of the Company’s control could delay or prevent the Company from completing the merger altogether.”