AMD'S Proposed Acquisition of ATI Receives Approval Under Investment Canada Act
SUNNYVALE, CALIF. and MARKHAM, ONTARIO - Oct. 13, 2006 - Advanced Micro Devices, Inc. (NYSE: AMD) and ATI Technologies Inc. (TSX: ATY, NASDAQ: ATYT) today announced that the proposed acquisition of ATI by AMD has been approved by the Minister of Industry under the Investment Canada Act, satisfying one of the conditions to the closing of the acquisition.
"We are confident that our plans for the combination of AMD and ATI will deliver world-class customer-centric solutions and will benefit Canada and its future role in the technology industry," said AMD Chairman and CEO Hector Ruiz. "We look forward to the successful completion of the transaction that will generate new opportunities for both companies, the employees and the communities in which we operate."
The proposed acquisition, announced on July 24, 2006, still remains subject to the approval of ATI shareholders, court approval of the plan of arrangement and other customary closing conditions. Subject to satisfaction or waiver of these conditions, the transaction is expected to be completed during the week of October 23. READ MORE...