ATI shareholders approve AMD sale

In July, Sunnyvale, California-based chip manufacturer AMD revealed that it would be acquiring graphics card maker ATI (headquartered in Markham, Ontario, Canada) in a deal worth roughly $5.4 billion in cash and shares. ATI today announced that its shareholders had voted "overwhelmingly" to approve the deal, with 99 percent of votes cast supporting the move.

AMD has said that after the acquisition is finalized, ATI will continue to make the specialized, high-end graphics cards it was known for, but that it will also work more on integrated graphics solutions. Now the companies will seek final court approval for the acquisition in a hearing next Tuesday, with ATI expecting the transaction to be completed during the week of October 23.

ATI shares ended the day up a fraction of a percent, gaining $.16 to close at $21.72. AMD shares rose more than 2 percent on the day, up $.54 to $25.23.