DirecTV’s Shareholders Approve Acquisition by AT&T
On Thursday, DirecTV announced that its shareholders have happily accepted the company's acquisition by AT&T for $48.5 billion. Voting was carried out and the deal was given a go-ahead by 99% of the members. The voting results were announced at a shareholder meeting organized in New York. The votes represent 77% of shareholders.
In the meeting, DirecTV chief executive officer Mike White said to investors that he is expecting the deal will get finalized in early April. He also stated that for now, his role after the deal closes is not finalized.
The $48.5 billion deal is getting reviewed by the US and international regulators. If the deal gets green signal from the regulators then the company will close the deal in the first six months of 2015.
On the other hand, AT&T is having more plans of acquisitions. It is thinking to purchase America Movil assets in Mexico. Experts shared that the takeover by AT&T is dependent on the completion of a deal with the National Football League for rights to the popular Sunday Ticket package.
The package allows subscribers to have an access to live Sunday games on a number of platforms like iPads and game consoles. Now, a group of state attorneys general will be carrying out an investigation to know whether or not the takeover deal breaches antitrust laws.
DirecTV said, "The proposed merger is subject to regulatory review and approval including expiration of waiting periods mandated by the Hart Scott Rodino Act to permit review and appropriate action by the U. S. Department of Justice".
It does not end there as the US Federal Communications Commission will also review and then decide whether or not to approve the merger. Also, permission is needed by certain international regulatory bodies.
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