Creo shareholders agree to sell to Kodak

More than 99% of Creos shareholders have voted to approve the firms sale to Kodak for 520m ($980m).

Yesterday's shareholder meeting (29 March) also voted to re-elect Creo's 10 member board and waive the application of the shareholder rights plan in respect to the sale.

The vote followed the Canadian competition authorities taking a "no action" stance on the deal, with final approval expected on 1 April.

The US Department of Justice has requested additional information as part of its informal investigation.

In a statement Kodak said that it "intends to reply to the request in a timely manner so that the transaction can be completed as soon as is possible".

Both firms have also filed for regulatory approval in Israel, China, South Africa and Brazil and are currently undertaking pre-filing in the EU.

Once full regulatory approval is gained the firms hope to complete the sale in the summer.

*Last week, 22 March, the European Commission (EC) approved Kodak's deal to buy Sun Chemical's 50% stake in Kodak Polychrome Graphics. Kodak announced its plans to become sole owner of KPG in January, and formally notified the Commission on 18 February. It may take several weeks before full details of the ruling are released.