SAN JOSE, Calif. Lexar Media Inc. late Friday (June 16) said that its shareholders have approved the adoption of the amended merger agreement with Micron Technology Inc.
The transaction was approved by more than 50 percent of the shares outstanding and more than 70 percent of the shares voting on the proposal. The transaction is expected to close as soon as practicable.
As previously announced, on March 8, Lexar (Fremont, Calif.) and Micron (Boise, Ida.) entered into a definitive merger agreement under which Micron would acquire all of the outstanding common stock of Lexar.
On June 5, Lexar and Micron announced that the boards of directors of each of Micron and Lexar unanimously approved, and Micron and Lexar executed, an amendment to their merger agreement providing for an increase in the exchange ratio that each outstanding share of Lexar common stock would receive in the merger to 0.5925 shares of Micron common stock from 0.5625 shares of Micron common stock.