Adobe, Macromedia takeover approved

Stock holders of Adobe and Macromedia on Wednesday voted in favour 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 per cent of the votes by Adobe
shareholders cast in favor of the deal, and 99.8 per cent 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, US regulators asked the companies for more details regarding the
acquisition.

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