Adobe to Buy Macromedia in $3.4 Billion Stock Deal

From the New York Times, Adobe Systems Inc. said today that it had agreed to acquire the multimedia software firm Macromedia Inc. for about $3.4 billion in stock.

Under the deal, approved by the boards of both companies, which are traded on the Nasdaq market, Macromedia stockholders will receive 0.69 shares of Adobe common stock for every share of their Macromedia common stock, worth $41.86 at Adobe's closing price of $60.66 on Friday, for each Macromedia share. That will result in Macromedia stockholders owning about 18 percent of the combined company when the deal closes.

Read full article at the New York Times