Linear Technology Corp. (LLTC) Receives Shareholder Approval of Analog Devices (ADI) Deal

October 19, 2016 6:21 AM EDT

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Linear Technology Corporation (Nasdaq: LLTC) announced that, based on a preliminary vote tally from Linear Technology’s Annual Meeting of Stockholders, Linear Technology’s stockholders approved the merger agreement under which Analog Devices, Inc. (Nasdaq: ADI) (“Analog Devices”) will acquire Linear Technology. Stockholders also approved the election of the seven Linear Technology directors that were nominated for election and other proposals relating to the transaction.

Approximately 99% of voting LLTC stockholders cast their votes in favor of the proposal to approve the merger agreement, representing approximately 79% of LLTC’s outstanding common stock as of the record date for the Annual Meeting of Stockholders. The final vote results will be reported on a Current Report on Form 8-K that Linear Technology will file with the Securities and Exchange Commission.

Lothar Maier, Linear Technology CEO, commented, “Today our shareholders voted overwhelmingly to approve the combination of Linear Technology and Analog Devices. This highly complementary combination will provide our customers unparalleled access to a broad portfolio of high performance analog and power management products. We are excited and optimistic about the opportunities this creates for shareholders, customers and employees.”

The parties continue to expect the transaction to close in the first half of 2017, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

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