By Craig Zammit
FREMONT, California: Lexar Media has announced that its stockholders have approved the adoption of the merger with Micron Technology.
The transaction is expected to be finalised as soon as possible, with more than 50 per cent of the shares outstanding and more than 70 per cent of the shares voting on the proposal.
“We are extremely pleased with the outcome of today’s vote,” said Lexar chairman, CEO and President, Eric Stang.
“We believe that our merger with Micron is the best option for our stockholders, our employees and the future of Lexar.
"On behalf of Lexar’s board of directors, I want to thank our stockholders and hard-working employees for their support throughout this process. We look forward to completing this transaction with Micron and we anticipate a smooth transition.”
Stang has previously stated that the acquisition will better align Lexar’s cost structure with business conditions and increase the brands development and go-to-market scale.
"By merging with Micron, Lexar can achieve significant cost synergies and become better positioned to satisfy customer needs and establish faster growth, especially in new emerging mobile handset and solid-state computing businesses. We view this as an exciting opportunity for our company and its shareholders," he said.
According to the Singapore-based Lexar Australia, New Zealand, ASEAN and India managing director, Kar Yee Fransham, the Micron deal is a positive one.
“The two companies have had a commercial relationship for sometime, and the companies have extended that relationship,” Fransham recently told current.com.au.
“The merger is designed to combine Micron’s leadership in NAND flash memory with Lexar’s leadership in NAND controller and card design technology to create a winning combination in the consumer electronics market.
“Both companies are committed to having resources located across the globe to service customers,” Fransham said.
Lexar is a leading marketer and manufacturer of NAND flash memory products including memory cards, USB flash drives, card readers and ATA controller technology for the digital photography, consumer electronics, industrial and communications markets.
Micron Technology is one of the world’s leading providers of advanced semiconductor solutions and through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading edge computing, consumer, networking, and mobile products.