Stock holders of Adobe Systems and Macromedia on Wednesday voted in favor of plan for Adobe to acquire Macromedia in an all-stock deal expected to close later this year, the companies said in a joint statement.
The approval faced little resistance, with 99 percent of the votes by Adobe shareholders cast in favor of the deal, and 99.8 percent 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.
Adobe the deal, valued at $3.4 billion, will increase Adobe's heft in the document and Web publishing market by uniting in one company such popular technologies as Adobe's PDF format and Macromedia's Flash, along with Adobe's Photoshop image software and Macromedia's Dreamweaver development application.
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, U.S. regulators asked the companies for more details regarding the acquisition.
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