Phoenix Technologies Ltd’s acquisition of Award Software International Inc took a step forward this week as the shareholders of both companies approved the deal. Now it only awaits approval from the Department of Justice, which recently asked for more information as it took a closer look at the merger (CI No 3,416). Both companies said they have responded to requests for information but maintain that its not a sure thing that approval will be obtained. Under terms of the deal announced in April (CI No 3,391), each outstanding share of Award Common Stock will be exchanged for 1.225 shares of Phoenix Common Stock, valuing the transaction at about $120m. The merger is expected to qualify as a pooling-of-interests transaction, and the combined entity now figures to take a one-time charge of between $6m and $9m in Phoenix’s fourth quarter.
