Motorola Mobility Holdings, Inc. has announced that at the company’s stockholders have approved the proposed merger with Google Inc. "Approximately 99 per cent of the shares voting at today’s special meeting of stockholders voted in favour of the adoption of the merger agreement, which represented approximately 74 per cent of Motorola Mobility’s total outstanding shares of common stock," Motorola said in its statement.
Sanjay Jha, chairman and CEO, Motorola Mobility, 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 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 $12.5 billion.
The company previously disclosed that it expected the merger to close by the end of 2011 or early 2012. While Motorola 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.
However, that the merger is subject to various closing conditions.
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