Dubai Business News — Google‘s $12.5 billion bid for Motorola Mobility cleared a major hurdle on Friday as the electronics manufacturer’s stockholders overwhelmingly approved the move.
About 99% of the shares voting in a special meeting of stockholders on Thursday were in favor of the merger agreement, the company reported. Those shares represented a plurality — 74% — of outstanding shares of Motorola Mobility stock.
Google made the surprise bid in August to “enable Google to supercharge the Android ecosystem,” according to a statement from the company at the time. In addition, Google CEO Larry Page wrote in a blog post that the buy would strengthen Google’s patent portfolio, “which will enable us to better protect Android from anti-competitive threats from Microsoft, Apple and other companies.”
Although getting the blessing of Motorola shareholders was essential to completing the deal, Google still needs the approval of the Department of Justice, which recently stepped in to block the proposed AT&T, T-Mobile merger on the grounds that it would decrease competition in the wireless telecom industry.
Reports from Mashable.com.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment