08.11.2005 08:00 AM
European Commission approves Pinnacle acquisition

Avid Technology and Pinnacle Systems announced that the European Commission has cleared Avid's proposed acquisition of Pinnacle, the final hurdle before the deal is consummated.

Upon the closing of the acquisition this week, Pinnacle shareholders will receive about 6.2 million shares of Avid stock and about $71 million in cash.

See Avid Technology at IBC2005 stand 7.830 and 7.938 or visit www.avid.com.

See Pinnacle Systems at IBC2005 stand 1.210 or visit www.pinnaclesys.com.

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