Adobe and Macromedia Stockholders Approve Acquisition
Adobe Systems Inc. and Macromedia Inc. announced that the stockholders of each company voted in favor of Adobes proposed acquisition of Macromedia at their respective special stockholder meetings held Aug. 24.
Adobe launched its takeover of Macromedia in April with an all-stock deal worth $3.4 billion dollars.
The mergers one remaining hurdle is approval from the Department of Justice, which on July 11 issued a second request for information from the two companies as it evaluates the legality of the merger under antitrust regulations.
The second request is limited to information about the companies products in the areas of Web authoring/design and vector graphics illustration.
Of the 75.0 percent of outstanding Adobe shares voted, approximately 99.0 percent were cast in favor of the acquisition. Of the 73.2 percent of outstanding Macromedia shares voted, approximately 99.8 percent were cast in favor of the acquisition.
According to Adobes press release, the companies anticipate that the transaction will close in fall 2005, subject to appropriate regulatory approvals and the satisfaction of other closing conditions.
Check out eWEEK.coms for the latest news, reviews and analysis on image editing and Web publishing tools.