Motorola Mobility this morning announced that it has set a record date and a meeting date for its stockholders to vote upon a proposal to adopt the previously announced merger agreement with Google, which proposed to acquire the smartphone, set-top boxes and video solutions company for $12.5 billion (or $40 per share) in cash last August.
Motorola Mobility stockholders at the close of business on Tuesday, October 11, 2011, will be entitled to vote at the special meeting.
That meeting will be held on Thursday, November 17, 2011, at 10 AM, in San Diego.
The transaction is expected to close by the end of this year or in early 2012.
Motorola Mobility is what used to be the Mobile Devices division of Motorola until January 2011. A few years ago, the company bet its future in the mobile devices market by going full Android.
Google chairman Eric Schmidt recently told Bloomberg that the proposed takeover of Motorola Mobility may actually spur competition among smartphone makers using its Android software, and that the company will not play favorites with its partners.
Antitrust regulators are currently taking a close look at the merger proposal.
Here’s the full press release, which offers a tad more details:
Motorola Mobility Announces Record Date and Meeting Date for Special Meeting of Stockholders in Connection with Google Merger Agreement
Oct. 14, 2011
LIBERTYVILLE, Ill. – Oct. 14, 2011 – Motorola Mobility Holdings, Inc. (NYSE: MMI) today announced in its definitive proxy statement on Schedule 14A that it has established a record date and a meeting date for a special meeting of its stockholders to consider and vote upon a proposal to adopt the previously announced merger agreement, dated as of Aug. 15, 2011, providing for the acquisition of Motorola Mobility by Google Inc. and other related matters.
Motorola Mobility stockholders of record at the close of business on Tuesday, Oct. 11, 2011, will be entitled to notice of the special meeting and to vote at the special meeting. The special meeting will be held on Thursday, Nov. 17, 2011, at 10 a.m., local time, at the Hyatt Regency La Jolla at Aventine, located at 3777 La Jolla Village Drive, San Diego, Calif.
About Motorola Mobility
Motorola Mobility, Inc. (NYSE:MMI) fuses innovative technology with human insights to create experiences that simplify, connect and enrich people’s lives. Our portfolio includes converged mobile devices such as smartphones and tablets; wireless accessories; end-to-end video and data delivery; and management solutions, including set-tops and data-access devices. For more information, visit motorola.com/mobility.
Google provides search and advertising services, which together aim to organize and monetize the world’s information. In addition to its dominant search engine, it offers a plethora of online tools and platforms including: Gmail, Maps, YouTube, and Google+, the company’s extension into the social space. Most of its Web-based products are free, funded by Google’s highly integrated online advertising platforms AdWords and AdSense. Google promotes the idea that advertising should be highly targeted and relevant to users thus providing...