Macrovision-Gemstar deal approved (Tech Confidential

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Macrovision-Gemstar deal approved

[Posted on April 29, 2008 - 5:35 PM]

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Macrovision Corp. said Tuesday that its $2.1 billion merger with Gemstar-TV Guide had been approved by shareholders from both companies. The deal was widely panned at the time it was announced in December, and shares of Macrovision subsequently dropped 20% on the news.

Macrovision shareholder Loeb Partners Corp. came out publicly against the deal, but it received little opposition other than that. Macrovision shareholders can choose between a fixed share exchange of 0.2548 of a share of Macrovision for each Gemstar share, or $6.35 in cash. The payout is 56% in cash and 44% in stock and is subject to a proration.

Before closing the deal, Macrovision sold its software business unit to Thoma Bravo LLC for $200 million. -- David Shabelman

See April 29 press release on the deal closing from Macrovision
See April 24 story on fading opposition to the Gemstar transaction from TheDeal.com

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