Motorola shareholders approve Google merger
Motorola shareholders yesterday voted overwhelmingly in favor of the company's proposed merger with Google.
Around 99 percent of the shares voting at the Special Meeting of Stockholders voted to adopt the merger agreement, under which Google will pay about $12.5 billion.
"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," says Sanjay Jha, chairman and CEO of Motorola Mobility.
"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."
The deal is expected to close by the end of this year or - more likely - early next, although Motorola is warning that it could be stymied altogether by difficulties in meeting closing conditions or factors outside its control.
One such factor could be the continuing investigation of the merger by the US Department of Justice. The department's issued a second request for information, in a move which could potentially hold the deal up for months.
Google's particularly keen to get the deal closed as soon as possible as it would give the company a massive haul of phone patents which could help it fight off a series of lawsuits threatening Android.