All Signals Go For Macrovision-Gemstar; Shareholder Opposition Fails To Materialize
This story was written by Joseph Weisenthal.
When Macrovision (NSDQ: MVSN) announced its intent to acquire Gemstar last December for $2.8 billion, there were considerable doubts as to whether the deal would ever happennot that Gemstar, 41 percent controlled by News Corp. (NYSE: NWS), would approve the deal, but Macrovision shareholders weren't seeing the "vision." The stock instantly tanked on the news, and since then it's down 47 percent. But, surprisingly, all signs point to yes for Macrovision shareholders to approve. The Deal (sub req'd) reports little opposition to the deal among Macrovision shareholders. Loeb Partners, a 2.1 percent Macrovision holder, had hoped to rally shareholders against it, but it never got a bandwagon going. Meanwhile, proxy advisors ISS and Glass, Lewis & Co., both recommended a 'yes' vote, even while acknowledging certain risks. Proxy Governance Inc., another service, did urge 'no' vote. Still, it's not in the bag yet. The report alludes to a vague sense that another "shoe might drop" before next week's vote.
By Joseph Weisenthal