AMD misses Vote for Splitting Assets

Needed 50%+ got only 42%

Published Wed, Feb 11 2009 12:25 PM CST   |   Updated Tue, Nov 3 2020 12:37 PM CST
Well the crucial vote happened yesterday for AMD's planned spinoff but due to bad timing and slow release of information on AMD's part they were not able to get the greater than 50% needed to go ahead.

The information detailing the split was not set out to stockholders until the end of January; this gave very little time to look over the 400 page document.

AMD's website was also not very informative on the move and still seems to have information from 2007 on it.

In the end the 42% that did vote were in favor of the move (97% voted in favor). AMD now has to wait until February 18th for a new vote.
Hopefully it will get the required number and The Foundry Company will be born.

Read more here.

AMD misses Vote for Splitting Assets

By this morning, AMD received 42% of all stockholders, with 97% of those giving an approval for the split. However, not all is bad. At least we got a glimpse into the future, and we can now say that it is 99.99999999....n% certain that AMD will split in two. We just have to wait until February 18, 2009. My personal comment would probably be that AMD's stockholders went on AMD's site and tried to get extra information by accessing Manufacturing Technologies page in About AMD section...and were greeted by 404 Error. Then again, according to the same webpage, we're actually in 2007, given the state of their Formula One World Championship calendar.

With expected Yes vote on February 18, 2009 - we can mark the date as the birthday for the new company, Mubadala Abu Dhabi/ATIC powered The Foundry Company (Arab Micro Devices) and the new and lean Advanced Micro Devices. Needless to say, analysts with whom we spoke weren't exactly ecstatic over this SNAFU.

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