Motorola Mobility announced that 99 percent the company’s stockholders voted to
approve the proposed $12.5 billion merger with Google.
Approximately 99 percent of the shares voting at Special Meeting of
Stockholders voted in favor of the adoption of the merger agreement, which
represented approximately 74 percent of Motorola Mobility’s total outstanding
shares of common stock as of the October 11, 2011 record date for the Special
Meeting.
“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,” said Sanjay Jha, chairman and CEO of Motorola Mobility.
On August 15, 2011, Motorola Mobility and Google signed agreement for Google to
acquire Motorola Mobility for approximately $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.
By Telecomlead.com Team
editor@telecomlead.com
