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AMD shareholders agree on plan to spin off manufacturing

Posted on Wednesday, February 18 2009 @ 17:42:23 CET by


After the fiasco from last week when AMD didn't get enough votes from shareholders to proceed with its plan to spin off its manufacturing business in a joint venture with ATIC, the company announced its stockholders approved the proposal at the special meeting of stockholders which took place today. The deal is expected to close by March 2, 2009.
AMD today announced that its stockholders approved a proposal to issue common stock and warrants to an affiliate of Mubadala Development Company PJSC, paving the way for AMD and the Advanced Technology Investment Company of Abu Dhabi to create “The Foundry Company.”

With the stockholder approval received today, all closing conditions for the creation of “The Foundry Company” manufacturing joint venture have been met, and the transaction is expected to close by March 2, 2009.

AMD stockholders approved a proposal to issue 58 million shares of the company’s common stock and warrants to purchase 35 million shares of its common stock and (ii) 35 million shares of the company’s common stock upon exercise of those warrants to an affiliate of the Mubadala Development Company PJSC, on the terms described in the proxy statement related to the Special Meeting of Stockholders that was held today in Austin, Texas.



 



 

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