Motorola Mobility’s shareholders have voted, and they gave the Googorola deal two thumbs up. Motorola Mobility released a statement this morning, revealing that 99 percent of the 74 percent of shares represented at a Special Meeting of Stockholders voted in favor of the Google and Motorola Mobility acquisition agreement, which would give current shareholders $40.00 per share in cash.
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. Sanjay Jha CEO of Motorola Mobility
Now that the shareholders have given the deal their vote of confidence, the only real hurdle remaining is approval of the acquisition by the US government, which could come in early 2012. While many are unsure of the impact this acquisition will have in the mobile segment, Google has maintained that Motorola would not get any special treatment that may alienate other OEMs who use Android on their devices.
The one big change we’d like to see is for Motorola to scrap MotoBLUR in favor of a stock Android experience on their devices. What changes do you see in Motorola’s future if the acquisition does go through in the next few months?Show Press Release
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.