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Technology Stocks : Intermagnetics (IMG)

IMG 1.250

-3.1%

Dec 23 3:59 PM EST

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From: Thomas Kirwin	11/12/2006 9:43:57 AM
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9/27/06 Shareholders approve Intermagnetics acquisition Wednesday September 27, 11:07 am ET Intermagnetics General Corp. shareholders have approved the company's acquisition by Philips Holding USA Inc., a subsidiary of Royal Philips Electronics NV. The merger was first announced on June 15. The approval took place Tuesday during a special shareholders meeting in New York City. Completion of the transaction remains subject to regulatory approval by the European Commission. The merger is expected to close during the fourth quarter of calendar 2006. Philips, a $38.4 billion company that is considered one of the world's largest electronics makers, will convert Intermagnetics' Latham office into the global headquarters of Philips' enlarged Magnetic Resonance business, relocating it from Best, Holland. Intermagnetics' (Nasdaq: IMGC - News) CEO Glenn Epstein will oversee the MRI business and the integration process. When the deal is finalized, it will become the headquarters of Philips' Magnetic Resonance Imaging unit. Published September 26, 2006 by The Business Review

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