The people have spoken, and they're pleased. Said people, of course, are Motorola Mobility's shareholders, who have given a seal of overwhelming approval to the company's merger with Google. The company confirmed this sentiment in a statement issued yesterday, declaring that a full 99 percent of shareholders gave a thumbs up to Big G's acquisition at a recent meeting that comprised 74 percent of all outstanding shares. It's likely that much of this optimism was fueled by a rosier Q3 earnings report (not to mention the relatively favorable conditions upon which the acquisition was determined), but Googorola isn't entirely out of the woods, as the federal government must still give the deal its final approval. Motorola Mobility says that should happen by early next year, though it acknowledges the potential for delay. Read the full statement, after the break.
Show full PR text
Motorola Mobility Stockholders Approve Merger with Google

Nov. 17, 2011

LIBERTYVILLE, Ill. – Nov. 17, 2011 – Motorola Mobility Holdings, Inc. (NYSE: MMI) ("Motorola Mobility") today announced that at the Company's Special Meeting of Stockholders held today, stockholders voted overwhelmingly to approve the proposed merger with Google Inc. (NASDAQ: GOOG) ("Google").

Approximately 99 percent of the shares voting at today's 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.

Sanjay Jha, chairman and CEO of Motorola Mobility, said, "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. 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."

As previously announced on August 15, 2011, Motorola Mobility and Google entered into a definitive agreement for Google to acquire Motorola Mobility for $40.00 per share in cash, or a total of 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.

Follow the Saga

Google Motorola Acquisition

More Stories >