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European Commission OKs Avid's Pinnacle Acquisition

The European Commission has given its regulatory blessing to Avid (opens in new tab) on its proposed acquisition of Pinnacle, which should be complete by Aug. 9, 2005.

In July, the deal was approved by both company's shareholders, days after Pinnacle rejected an eleventh hour offer by San Francisco-based private investor, Vector Capital.

"Now that we have cleared regulatory review in Europe, we can complete the transaction and begin moving ahead with our plans for the combined company," said David Krall, Avid's president and chief executive officer. "Over the past few months, we have developed an integration plan that leverages our respective talents and technologies. Following next week's scheduled closing, we look forward to putting that plan into effect to capitalize on the opportunities that will result from the strength of this combination."

At closing Pinnacle shareholders will receive approximately $6.2 million shares of Avid stock and $71 million in cash.