SUNNYVALE, Calif., Dec. 20 /PRNewswire-FirstCall/ -- Spansion Inc. (Nasdaq: SPSN), the world's largest pure-play provider of Flash memory solutions, and Saifun Semiconductors Ltd. (Nasdaq: SFUN), a provider of intellectual property solutions for the non-volatile memory (NVM) market, today announced that Saifun's shareholders have voted at a special shareholder meeting held today at Saifun's offices in Netanya, Israel to approve the acquisition of the company by Spansion and all other transactions contemplated under the October 7, 2007 merger agreement (which was amended on December 12, 2007), including the cash distribution.
Shareholders as of the close of business on November 11, 2007 were entitled to vote at the meeting. A total of approx. 23.9 million ordinary shares, representing approximately 76% of the total outstanding shares were represented at the meeting.
More than 96% of the shares represented at the meeting voted in favor of the transaction and all special majority requirements set forth by the Israeli law were met.
The merger remains subject to satisfaction of customary closing conditions that include Israeli court approval and other regulatory approvals and is expected to close in the first quarter of 2008.
ir.saifun.com
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