Adobe gets shareholder OK for Macromedia takeover

Adobe gets shareholder OK for Macromedia takeover

Summary: After getting approval from shareholders to take over Macromedia, Adobe must now overcome competition worries

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TOPICS: Apps
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Adobe took another step towards completing its takeover of digital media company Macromedia on Wednesday, after both company's shareholders approved the deal.

Of the 75 percent of outstanding Adobe shares voted, approximately 99 percent were cast in favour of the acquisition. Of the 73.2 percent of outstanding Macromedia shares voted, 99.8 percent were cast in favour.

Adobe launched its takeover of Macromedia in April with an all-stock deal worth $3.4bn (£1.9bn) and is now waiting on US regulators before it can complete the deal. In July, US Federal antitrust regulators requested additional information about the proposed purchase. This investigation centred on the market for content tools, and in particular on the Web design and vector graphics products offered by both companies.

Adobe has insisted it expects to reassure regulators on the competitive issues and the deal will be completed in the fourth quarter of this year.

Topic: Apps

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Colin Barker is based in London and is Senior Reporter for ZDNet. He has been writing about the IT business for some 30-plus years. He still enjoys it.

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