Adobe and Macromedia shareholders yesterday voted in favour of Adobe’s plan to acquire Macromedia in an all-stock deal expected to close later this year.
The approval faced little resistance, with 99 per cent of the votes by Adobe shareholders cast in favor of the deal, and 99.8 per cent of Macromedia shareholders voting to support the acquisition, the companies said. Ballots were cast for around three-quarters of the shares in each company, they said.
The deal, valued at $3.4 billion, will increase Adobe's strength in the document and Web publishing market by uniting pervasive technologies such as Adobe PDF and Macromedia's Flash, along with Adobe’s Photoshop image software and Macromedia's Dreamweaver.
Macromedia shareholders will receive 1.38 shares of Adobe common stock for each share of Macromedia common stock they own at the closing of the acquisition, the companies said.
The deal is still subject to further regulatory approval, and the satisfaction of other closing conditions, the companies said.
Last month, US regulators asked the companies for more details regarding the acquisition.