MUMBAI: Motorola Mobility Holdings has announced that at the company‘s Special Meeting of Stockholders, the stockholders voted overwhelmingly to approve the proposed merger with Google.
Approximately 99 per cent of the shares voting at the Special Meeting of Stockholders voted in favor of the adoption of the merger agreement, which represented approximately 74 per cent of Motorola Mobility‘s total outstanding shares of common stock as of the 11 October, 2011 record date for the Special Meeting.
Motorola Mobility chairman and CEO Sanjay Jha said, "We are pleased and gratified by the strong support we have received from our stockholders, with more than 99 per cent of the voting shares in support of the transaction. We look forward to working with Google to realise the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners."
As previously announced on 15 August, 2011, Motorola Mobility and Google entered into a definitive agreement for Google to acquire Motorola Mobility for $12.5 billion. The company previously disclosed that it expected the merger to close by the end of 2011 or early 2012. 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.
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.
