Symantec, Veritas shareholders approve merger

Symantec and Veritas have announced their respective shareholders have approved the merger of the two companies, with Symantec acquiring Veritas in an exchange of common stock for 1.1242 shares of Symantec common stock at the official closing.

Symantec and Veritas said they now expected the official closing date for the merger to be July 2.

Security firm Symantec has 6000 employees and annual sales of $US1.9 billion, while storage management vendor Veritas has 6700 employees and annual sales of $US1.8 billion.

The combined entities will operate under the corporate name Symantec.

The two firms said that of the 76 per cent of outstanding Symantec shares that were voted upon, 95 per cent were cast in favour of the merger. Of the 73 per cent of outstanding Veritas shares that were voted upon, 98 per cent were cast in favour of the merger.

The merger, proposed last December, was strongly advocated by Symantec CEO, John Thompson, who asserted the union would benefit both companies through more integrated security and storage products.

The expected price tag for Symantec to acquire Veritas at that time was $US13.5 billion.

The stock market reacted with uncertainty to the announcement last December, causing Symantec stock to plummet by about one third in the months following news of the proposed merger.

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