ATI Shareholders Approve Acquisition by AMD
[10/13/2006 03:30 PM]ATI Technologies’ shareholders on Friday approved the acquisition of ATI by Advanced Micro Devices. The announcement is the final page of the merge between two leading graphics processor and microprocessor companies.
The statement by both companies claims that the shareholders voted “overwhelmingly today to approve the proposed acquisition of all outstanding common shares of ATI by an indirect, wholly-owned subsidiary of Advanced Micro Devices”. More than 99%t of the votes cast by shareholders were in favor of the transaction. No ATI shareholders have exercised rights of dissent in connection with the proposed acquisition, it was announced.
ATI will seek final court approval for the arrangement at a hearing on October 17, 2006. The transaction is expected to be completed during the week of October 23, 2006.
Under the terms of the transaction, AMD will acquire all of the outstanding common shares of ATI for a combination of $4.2 billion in cash and 57 million shares of AMD common stock, based on the number of shares of ATI common stock outstanding on July 21, 2006. All outstanding options and RSUs of ATI will be assumed. Based upon the closing price of AMD common stock on July 21, 2006 of $18.26 a share, the consideration for each outstanding share of ATI common stock would be $20.47, comprised of $16.40 of cash and 0.2229 shares of AMD common stock.
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