Motorola Mobility shareholders approve Google purchase

Motorola Mobility shareholders overwhelmingly voted to approve Google's (GOOG) $12.5 billion acquisition of the hardware company.

The Illinois company reported that 99 percent of the voting shares approved the purchase in a Thursday meeting, with approximately 74 percent of total shares represented in the vote.

Google agreed to purchase Motorola Mobility for $40 a share in cash on Aug. 15, and the Motorola board approved the deal at that time.

"We are pleased and gratified by the strong support we have received from our stockholders. ... We look forward to working with Google to realize the significant value this combination will bring," Sanjay Jha, chairman and CEO of Motorola Mobility, said in the news release announcing the vote. Jha stands to receive $66 million if the deal goes through, according to earlier reports.

Read Full Article from San Jose Mercury News

- Posted: 2011-11-18 12:09:56

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