AMD-ATI merger receives Canadian approval
The Canadian Minister of Industry has approved AMD's acquisition of ATI under the Investment Canada
Act, the two companies have announced. The decision was aided by several commitments AMD made to the Minister, including plans to expand R&D operations in Canada, nominate a Canadian citizen for election to AMD's board of directors within the next five years, increase the number of co-op positions available to Canadian students, and keep the current ATI consumer business unit in Markham, Canada with the same Canadian staff head.
The merger still hinges on a meeting of shareholders, which is taking place today, as well as court approval of the companies' plan of arrangement and "other customary closing conditions." Assuming nothing goes wrong, AMD and ATI expect the transaction to close some time during the week of October 23.