Saifun shareholders say 'yes' to Spansion merger

By Lisa Kerner

Charlotte, N.C., Dec. 20 - Saifun Semiconductors Ltd. shareholders approved the company's acquisition by Spansion Inc. at a special meeting on Thursday.

A total of 23.9 million ordinary shares, or about 76% of the total outstanding shares, were represented at the meeting. More than 96% of the shares represented voted in favor of the deal, according to a company news release.

Under the companies' amended agreement, Saifun shareholders will receive 0.7429 of a share of Spansion common stock and about $6.05 in cash for each share of Saifun common stock.

The merger is slated to close in the first quarter of 2008 pending Israeli court approval and customary closing conditions.

Spansion is based in Sunnyvale, Calif., and makes flash memory products.

Saifun is a Netanya, Israel-based provider of intellectual property solutions for the non-volatile memory market.

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