Lexar stockholders approve firm's acquisition by Micron

After a series of hurdles, Lexar stockholders today approved the adoption of an amended merger agreement with Micron Technology. Lexar announced that the firm’s acquisition "was approved by more than 50% of the shares outstanding and more than 70% of the shares voting on the proposal."

As announced on 8 March of this year, Lexar agreed to be acquired by Micron in a stock-for-stock takeover. According to the amended merger agreement, Lexar shareholders will receive 0.5925 shares of Micron common stock for each share of Lexar stock.

The acquisition volume is estimated at about $945 million, which reflects a premium of 19% over Lexar’s current market capitalization of $794.6 million.