Motorola Mobility shareholders are scheduled to vote on Google's proposed $12.5 billion acquisition of the company at a special meeting Nov. 17.
Google on Aug. 15 announced its offer to acquire Motorola Mobility for $40.00 per share in cash. The deal was unanimously approved by the boards of both companies; it is subject to other closing conditions, including regulatory approvals in the U.S., the European Union and elsewhere.
According a Motorola Mobility regulatory filing, Google originally approached the company in July about purchasing a chunk of its patent portfolio but Motorola Mobility CEO Sanjay Jha told the Internet giant it could be "problematic" for the company if it sold off a large portion of its intellectual property. That set the acquisition talks in motion.
Motorola Mobility stockholders of record at the close of business on Oct. 11 will be entitled to vote at the special meeting, to be held Nov. 17 at 10 a.m. at the Hyatt Regency La Jolla at Aventine in San Diego.