A majority of Atheros Communications Inc. (ATHR) stockholders
approved a $3.1 billion merger agreement with Qualcomm Inc. (QCOM),
the fabless chip maker disclosed Friday.
In January, Qualcomm offered to acquire Atheros for $45 per
share as the suitor seeks to fill a hole in its chip-maker
operations. Analysts have said Qualcomm has been missing on Wi-Fi
and other connectivity chips for mobile devices. The takeover would
boost its presence in that area.
Shareholders representing about 75% of Atheros' outstanding
stock were represented at a special meeting held Friday. An
aggregate 54.5 million shares, or about 74.6% of Atheros'
outstanding shares, voted in favor of the merger agreement.
The merger remains subject to regulatory approvals, and Atheros
and Qualcomm continue to expect that the merger will close in the
first half of this year.
Shares of Atheros were up 0.3% to $44.67 in after-hours trading,
while Qualcomm's stock closed down 1.2% to $51.71 and were flat
after hours.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com