LONDON – National Semiconductor Corp. has announced that the company's stockholders approved the acquisition of the company by Texas Instruments Inc. at special meeting held Tuesday (June 21).
TI announced in April 2011 that it had agreed to buy National Semiconductor for about $6.5 billion in cash.
About 75.5 percent of more than 251 million shares were represented at the meeting in person or by proxy. About 75.1 percent of the more than 251 million shares voted in favor of the takeover. The agreed price is that $25 be paid in cash for each National Semiconductor share representing a purchase price of about $6.28 billion.
The deal is still subject to regulatory approval but National and TI continue to expect it to close by the end of calendar 2011.