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AMD stockholders greenlight spin-off proposal


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The Foundry Co. deal goes forth

 

AMD stockholders have approved the company's spin-off plan and the formation of The Foundry Co., a joint venture with Abu Dhabi's Advanced Technology Investment Co.

The chipmaker had tried and failed to get approval for the proposed deal at a stockholder meeting last week. This didn't go down well with Wall Street, although it seems to have been a technicality, as too few stockholders showed up and they were unable to meet the 50 percent quorum requirement.

This time around the market was ready for the green light, but the approval didn't do much for AMD's stock price which fell 7.2 percent, and closing at $2.20. The transaction is set to close on March 2.

Last modified on 19 February 2009
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