Brocade and McData to merge

By Clement James on Jan 30, 2007 9:42 AM
Filed under Storage

Stockholders vote in favour.

Storage giants Brocade Communications and McData have announced that the stockholders of each company have approved Brocade's proposed acquisition of McData at their respective special stockholder meetings.

Of the approximately 68.53 percent of outstanding Brocade shares that were voted, approximately 98.50 percent were cast in favour of the issuance of Brocade common stock in connection with the proposed acquisition.

Of the approximately 71.23 percent of outstanding McData Class A and B shares that were voted, approximately 98.86 percent were cast in favour of the deal.

Under the terms of the acquisition agreement, each share of McData Class A and B common stock will be exchanged for 0.75 shares of Brocade common stock.

The acquisition is expected to close on 29 January, the companies said.