Shareholders approve Adobe deal for Macromedia

Adobe and Macromedia shareholders have voted yes to a long-awaited takeover, which is set to form an imaging software powerhouse.

The sale is due to take place in autumn subject to receiving the nod from regulators. Around 99% of outstanding Adobe votes were in favour of the company's takeover of Macromedia.

Meanwhile, a recent shareholder meeting at Macromedia ended in 99.8% ticking yes to a merger. They will receive 1.38 Adobe shares for each share of Macromedia held. 

The vote follows steady progress towards a deal. Last month the US Department for Justice made a second demand for details and paperwork of various products.

Adobe announced its "definitive agreement" to buy Macromedia in April in a stock transaction valued at around 1.9bn ($3.4bn).

Story by Jez Abbott