Brocade and McData to merge

 

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.

Copyright ©v3.co.uk


Brocade and McData to merge
 
 
 
Top Stories
CBA sued over frozen millions in IT bribery scandal
Eric Pulier's not-for profit lodges lawsuit in US.
 
NewSat's Lockheed Martin satellite contract cancelled
No certainty as to refinancing for struggling company.
 
Don’t mention digital disruption to David Whiteing
Buzzwords don’t curry favour with CBA's new CIO - it’s all just innovation to him.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Should Optus make a bid for iiNet?

   |   View results
Yes
  43%
 
No
  57%
TOTAL VOTES: 641

Vote