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Maker Has Already Accepted Disney’s Acquisition Offer

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Image: Mashable composite

Despite a last-minute counteroffer from a rival media company, Disney’s acquisition of Maker Studios will not only proceed — it’s already been voted on and approved.

In its Monday afternoon statement indicating the Disney acquisition would go forward, the powerful YouTube multichannel network did not even acknowledge the 11th-hour bid from Relativity Media.

Though the vote had been expected Tuesday, a source with knowledge of the deal said Monday that the it already been taken to approve the deal, which still needs regulatory approval. The statement from Maker backed up that claim.

A spokesperson from Maker sent a statement on Monday afternoon:

As per the announcement made on March 24, Maker Studios has entered into a merger agreement with The Walt Disney Company. The agreement has been approved by Maker Studios’ Board of Directors and the majority of its shareholders and is expected to close in the next few weeks, subject to regulatory approval.

Relativity’s bid was reportedly worth more than Disney’s but primarily in the company’s stock. Disney’s offer included a chunk of cash, in addition to Disney stock.

Relativity responded through a spokesperson:

“We made a compelling offer and believe Maker Studios, its employees and its roster of talent would have greatly benefited from Relativity’s platform, its entrepreneurial approach and promising growth potential. We will continue to aggressively explore future opportunities that align with our strategy to accelerate digital content creation and distribution.”

The other major challenge to the acquisition — a lawsuit by the former CEO — fell on Monday when a California court denied a legal motion to halt the vote.

Read more: http://mashable.com/2014/04/14/maker-disney/

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