Avid, Pinnacle merger clears antitrust hurdle

Avid Technology and Pinnacle Systems announced Monday that they have been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, in connection with Avid's proposed acquisition of Pinnacle.

The transaction, expected to close in the third quarter of 2005, remains subject to shareholder approvals by both companies, as well as other customary regulatory approvals and satisfaction of additional closing conditions.

Avid and Pinnacle shareholders will be asked to vote on the merger July 27 at separate meetings. On March 21, Avid entered into a definitive agreement to acquire Pinnacle in a cash and stock transaction.

For more information, visit www.pinnaclesys.com and www.avid.com.

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